According to 2020-2021 U.S. Census estimates, Cleveland has a population of almost 368,000. This makes it the largest city in Ohio and 54th in America. Credit Karma data for August 17, 2022 shows that the average total debt of 170,414 Credit Karma members living in Cleveland is $30,000. This includes auto loans, auto leases as well as student loans, mortgages, credit cards balances, medical debt, and auto loans. (Click here to see the complete methodology.
Continue reading to see a snapshot Cleveland’s debt situation.
Snapshot of Credit Karma Stat
Total debt in Cleveland
Credit Karma members in Cleveland had a total debt of $8.65 billion. While the average individual debt was $30,053, the median overall debt was only $9.899. This means that only a small portion of the population has more overall debt than others.
This debt has an average payment of $348. Credit Karma members have a national average of $49,454 in debt, and the median is $11,223.
Cleveland’s debt dial
Image: clevelanddebtgauge-1
Student loans, auto loans, mortgages, and credit card debt in Cleveland
Below is a table that shows the averages and medians of different types of debt among Credit Karma Cleveland members.
|
Debt type |
Credit Karma members who have debt type |
Average debt |
Median debt |
Average next payment |
|---|---|---|---|---|
| Auto loan | 119,741 | $21,666 | $17,346 | $539 |
| Student loan | 65,776 | $30,846 | $15,343 | $30 |
| Hypothec Mortgage | 44,757 | $143,404 | $115,041 | $1,075 |
| Credit card | 156,308 | $5,099 | $2,259 | $158 |
How does Cleveland’s population compare to national averages? Below is a table that compares the national average to the Cleveland average among Credit Karma members.
|
Debt type |
Average national credit of Credit Karma members |
Cleveland member average debt |
|---|---|---|
| Auto loan | $24,042 | $21,666 |
| Student loan | $32,004 | $30,846 |
| Hypothec Mortgage | $235,194 | $143,404 |
| Credit card | $6,469 | $5,099 |
Credit Karma members in Cleveland had overall less debt than the national average across all categories.
How does Cleveland compare to other cities?
We compared the average Credit Karma member living in 100 top cities according to U.S. Census population estimates for 2021.
Cleveland is the 100th most expensive city in the world, with the highest overall average debt among Credit Karma members. This means that Cleveland is the third-lowest overall debt among Credit Karma members.
Here are the rankings of Cleveland residents compared to other top 100 American cities.
- Auto loan debt 76th
- Credit card debt: 96th highest
- Student loan debt: 62nd highest
- Mortgage debt: 98th highest
Credit inquiries and past-due accounts in Cleveland
Credit Karma members in Cleveland had an average VantageScore 3.0 credit score of 641 while the median was 643, both which are fair. Credit Karma members had a national average VantageScore 3.0 score of 673 and a median score of 682.
Cleveland residents had on average five credit inquiries, while the national average was 4.
Cleveland residents have an average of 0.77 accounts 30 days overdue. Nationally, the average account is 0.74.
Methodology
We analyzed accounts of 170,000 Credit Karma members who were active within the past 36 months to determine the averages for each type of debt. This included auto lease, auto loan and credit card. The averages were calculated using information from TransUnion credit reports for members from the 90-day period prior to data pull on Aug. 17, 2022. This analysis includes auto lease, auto loan and credit card. It also includes student loan debt. All numbers were round to the nearest whole in this report.
All data in this article were taken on August 17, 2022.