Toledo, Ohio, is home to more than 268,000 people, according to 2020–2021 U.S. census estimates, making it one of the largest cities in Ohio and the 83rd largest city in America. Credit Karma data from Aug. 17, 2022, shows that the 89,812 Credit Karma members who live in Toledo have a comparatively low average overall debt of $28,946. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt. (Click here for the full methodology.)
Read on to see a snapshot of debt in Toledo.
Overall debt in Toledo
The 89,812 Credit Karma members living in Toledo held a combined total debt of about $4.69 billion. The average overall debt for these individuals was $28,946. The median overall debt was only $10,163, which represents a smaller gap between average and median overall debt than in most other major cities. The average next payment on that debt is $330.
In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.
Toledo’s 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 Toledo have lower debt than average in all categories but student loans compared to the other top 100 U.S. cities by population.Auto loans, student loans, mortgage and credit card debt in Toledo
The table that follows contains averages and medians for different types of debt among Credit Karma members in Toledo.
| Debt type | Number of Credit Karma members with debt type | Average debt | Median debt | Average next payment |
|---|---|---|---|---|
| Auto loan | 63,935 | $19,100 | $15,565 | $487 |
| Student loan | 40,352 | $32,245 | $17,879 | $30 |
| Mortgage | 26,993 | $122,644 | $96,304 | $985 |
| Credit card | 82,364 | $5,124 | $2,309 | $159 |
So how do residents of Toledo compare to the national member averages? The table that follows compares the national average against the averages in Toledo among Credit Karma members.
| Debt type | National average debt of Credit Karma members | Toledo member average debt |
|---|---|---|
| Auto loan | $24,042 | $19,100 |
| Student loan | $32,004 | $32,245 |
| Mortgage | $235,194 | $122,644 |
| Credit card | $6,469 | $5,124 |
Overall, Credit Karma members in Toledo had less debt than the national average across all categories, except for student loan debt. Average student loan debt in Toledo is a little over $200 more than the national average.
How does Toledo rank against other cities?
We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.
Out of the top 100 cities, Toledo has the 99th-highest overall average debt among Credit Karma members. In other words, Toledo has the second-lowest overall average debt among Credit Karma members.
- Auto loan debt: 98th highest
- Credit card debt: 95th highest
- Student loan debt: 48th highest
- Mortgage debt: 100th highest
Credit, inquiries and past-due accounts in Toledo
Among Credit Karma members in Toledo, the average VantageScore 3.0 credit score was 649 and the median was 653, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.
Toledo members had an average of 4.8 inquiries on their credit reports, while the national average was 4.2.
Residents of Toledo average 0.76 accounts that were 30 days past due. The national average is 0.74 accounts.
Methodology
To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt — we analyzed the accounts of about 89,800 Credit Karma members living in Toledo who had been active on the site within the previous 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.
Note that all data for this article were pulled on Aug. 17, 2022.