New study: Nashville ranked among 2023′s top 10 metros with the most debt in the US

“On average across the 50 metros, 98.1% of residents have non-mortgage debt.”
Published: May. 19, 2023 at 1:57 PM CDT
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NASHVILLE, Tenn. (WSMV) - A new study has found the most and least debt-ridden places across the country, and with the cost of living on the rise, Americans are taking on more debt than ever, the study said.

Lending Tree reports the average non-mortgage debt across the 50 largest U.S. metros is $39,713, and Tennessee’s capital has found itself in the top 10.

The study found that Nashville has the 9th-most debt with an average of $43,079 non-mortgage debt. Memphis was also ranked in the top 10 at No. 6 with an average of $43,741 in non-mortgage debt, according to the study.

“On average across the 50 metros, 98.1% of residents have non-mortgage debt. 89.8% of residents in the 50 metros have credit card debt, which accounts for 20.2% of non-mortgage debt. While just 51.0% of the same residents have auto debt, it accounts for 33.3% of the non-mortgage debt,” Lending Tree said.

Here’s a look at the 10 metros with the most non-mortgage debt on average:

  1. Atlanta, GA - $45,891
  2. Dallas, TX - $45,541
  3. Washington, DC - $45,337
  4. Austin, TX - $44,541
  5. Raleigh, NC - $44,262
  6. Memphis, TN - $43,741
  7. Baltimore, MD - $43,456
  8. Charlotte, NC - $43,279
  9. Nashville, TN - $43,079
  10. Orlando, FL - $42,876

Lending Tree reports their researchers analyzed sample data of about 75,000 anonymized credit reports of Lending Tree users from January, February and March 2023 to calculate average balances for non-mortgage debt.

“Non-mortgage debt includes auto loans, student loans, credit cards, personal loans and other types of debt excluding mortgages,” the study said.