According to the 2020-2021 U.S. Census estimates, Memphis has around 630,000 residents, making it the 2nd largest city in Tennessee, and 29th in America. Credit Karma data shows that, as of August 17, 2022 the average debt for the 192 886 Credit Karma users who live in Memphis was $32,826. The total debt in this case is composed of auto loans and auto leases as well as student loans, mortgages credit card balances, medical debt, and student loans (check out our full methodology).
Continue reading to get a glimpse of Memphis’ debt.
Credit Karma Stat Snapshot
Total debt in Memphis
Credit Karma Memphis members owed a total of $10.4 billion. The median debt of individuals was $11,029. However, the average debt was $32,826, and for all individuals it was $32,826. This indicates that a smaller segment of residents has a higher level of debt than the rest of population. The average payment for that debt is $349.
Credit Karma’s national average debt is $49.454 and its median is $11.223.
Memphis‘ debt dial
Image: An orange heat dial labeled with low debt on the left side and high debt on the right. The hand of the dial leans far to the left, illustrating that Credit Karma members in Memphis have lower debt than average in all categories but student loans compared to Credit Karma members in the other top 100 U.S. cities by population.
Memphis Auto loans and student loans, as well as mortgages, credit card debt, and other debts
This table shows the averages and medians of different debt types among Credit Karma users in Memphis.
|
Type of Debt |
Total number of Credit Karma users with type debt |
Average debt |
Median debt |
Average next payment |
|---|---|---|---|---|
| Auto Loan | 129,146 | $22,632 | $18,502 | $573 |
| Student Loan | 88,362 | $34,010 | $17,019 | $23 |
| You can also find out more about Mortgages | 61,375 | $164,424 | $131,608 | $1,203 |
| Card | 169,981 | $5,479 | $2,307 | $161 |
How does Memphis compare with the averages of national members? This table compares Memphis’ average Credit Karma member to the national average.
|
Type of Debt |
Average national debt of Credit Karma Members |
Memphis member average debt |
|---|---|---|
| Auto Loan | $24,042 | $22,632 |
| Student Loan | $32,004 | $34,010 |
| You can also find out more about Mortgages | $235,194 | $164,424 |
| Card | $6,469 | $5,479 |
Credit Karma Memphis members had less overall debt than the national median in all categories except student loan debt. Memphis’ average student loan debt is about $2,000 higher than the national median.
Memphis – How does it compare to other cities?
Credit Karma compared the averages of Credit Karma users living in the top 100 U.S. cities based on population estimates for 2021.
Memphis is the 95th most debt-ridden city in the world, according to Credit Karma.
Memphis’ ranking among the top 100 American cities.
- Auto Loan Debt: The 59th highest
- Credit card debt: 89th highest
- Student loan debt: 37th highest
- Mortgage debt: 92nd highest
Memphis Credit inquiries, past due accounts and credit in Memphis
Credit Karma Memphis members’ average VantageScore 3,0 credit score is 628, and the median is 626. Both are fair. Credit Karma’s national VantageScore was 673. The median score was 682.
Memphis residents had an average of four credit inquiries, while the average for all Americans was only 4.2.
Memphis residents average 0.82 accounts with 30 day past due. The national average is 0.74.
Methodology
In order to determine the averages for debt categories — such as auto lease, auto loans, credit cards, mortgages, student loans, medical debt, and total debt — the accounts of 193,000 Credit Karma users in Memphis, who were active on the website within the past 36 months, were analyzed. The averages were calculated using information from TransUnion credit reports of members from 90 days prior to the date the data was pulled, which is August 17, 2022. To be considered for this analysis, any outstanding balances on open accounts of members at the time data was pulled, including auto leases, auto loans, credit cards, mortgages, medical debt, and student loans, are defined. The numbers were rounded up to the nearest whole.
All data in this article was retrieved on August 17, 2022.