A recent Credit Trends study by credit reporting company (CRC) Experian analyzed current personal debt levels and credit scores for residents of the 20 most populous metropolitan areas in the U.S. Of the cities examined, Detroit residents had the lowest average debt ($23,604), while Dallas residents had the highest ($28,240).
The study also compared the current debt levels to those of four years ago and found that Detroit had decreased its average personal debt by 7.1 percent, while Dallas’s average personal debt amount increased 7.8 percent since 2010.
San Diego residents had the highest rise in average personal debt, an 11 percent increase from $23,797 in 2010 to $26,423 in 2014. Nationwide, average debt increased 5 percent to $25,927, compared with $24,678 four years ago.
In terms of credit scores, the study found:
- Minneapolis residents had the highest credit scores in the study, with an average VantageScore 3.0 score of 702, an increase of two points since 2010. Atlanta residents logged the lowest credit score average at 646.
- Between 2010 and 2014, Phoenix residents’ average credit scores increased seven points to 654. That was the biggest average increase nationwide.
- The national average VantageScore 3.0 credit score for 2014 was 665, the same as it was in 2010.
Below is a list of the 20 most populous U.S. cities and their average personal debt levels and credit scores, ranked in increasing order by average debt level:
20 Most Populous U.S. Cities, ranked from lowest to highest debt |
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Metropolitan |
Average debt per consumer |
Average |
1. Detroit |
$23,604 |
667 |
2. Los Angeles |
$24,361 |
658 |
3. Miami |
$24,884 |
648 |
4. New York |
$25,396 |
678 |
5. Boston |
$25, 413 |
694 |
6. Tampa, Fla. |
$25,537 |
658 |
7. Minneapolis, Minn. |
$25,626 |
702 |
8. San Francisco, Calif. |
$25,828 |
689 |
9. Philadelphia, Pa. |
$26,128 |
672 |
10. San Diego, Calif. |
$26,423 |
666 |
11. Chicago, Ill. |
$26,429 |
670 |
12. St. Louis, Mo. |
$26,721 |
673 |
13. Atlanta, Ga. |
$26,940 |
646 |
14. Denver, Colo. |
$27,090 |
675 |
15. Phoenix, Ariz. |
$27,267 |
654 |
16. Baltimore |
$27,271 |
662 |
17. Seattle |
$27,279 |
679 |
18. Washington, D.C. |
$27,668 |
674 |
19. Houston |
$28,105 |
648 |
20. Dallas |
$28,240 |
648 |
Analysis methodology
The analysis is based on a statistically relevant sampling of depersonalized data from Experian’s consumer credit database from February 2014 and September 2010. The VantageScore 3.0 credit scoring model was the credit score used in this study. The VantageScore 3.0 model’s range is 300-850. For purposes of the study, “average debt” refers to all credit card accounts, auto loans and personal loans/student loans.