Debt relief options in Memphis, TN
Memphis has about 609,647 residents. Here's what published figures show about debt and living costs there, and how to think about your options.
What this means if you're in debt in Memphis
Average card balances in Memphis are lower than in many big cities, but rent takes a larger share of income than in about half of the largest cities. A modest balance can still be hard to carry, so check your whole monthly budget, not just what you owe.
If your payments are still manageable, start with a credit counselor or a lower-rate loan. Debt settlement is generally for people who can't keep up.
Memphis against the 50 largest cities
| Measure | Memphis | 50-city midpoint | Rank |
|---|---|---|---|
| Household card debt | $12,309 | $14,210 | 38th highest |
| Median household income | $51,211 | $76,602 | 49th highest |
| Median rent | $1,123 | $1,458 | 41st highest |
| Median home value | $157,100 | $364,300 | 49th highest |
Closest cities on household card debt: Baltimore ($12,375) and Tucson ($12,292).
Memphis debt questions
How much credit card debt do households in Memphis carry?
WalletHub estimated average household credit card debt in Memphis at $12,309, or about $3.1 billion citywide, in data as of May 2025. That ranked 126 of the 182 cities it studied.
How does Memphis compare with other big U.S. cities?
Among the 50 largest cities on our list, Memphis ranks number 38 for average household card debt in WalletHub's data. That places it around the middle of the group.
How does housing cost compare with income in Memphis?
Census figures show a median rent of $1,123 a month and a median household income of $51,211 (2023 5-year ACS). By our calculation, a year of median rent equals about 26% of median household income, the number 7 share among the 50 cities we compared. This compares two separate medians, so it isn't what any one household pays.
How expensive are homes in Memphis?
Census estimates put the median home value at $157,100, or about 3.1 times the median household income (2023 5-year ACS).
How do credit card balances in Tennessee compare nationally?
TransUnion's April 2026 snapshot, as reported by Self, put the average balance per consumer in Tennessee at $6,256, $301 below the $6,557 national figure. That was up 3.0% from a year earlier. WalletHub's household figures are measured differently, so the two aren't directly comparable.
How common are high credit card balances in the Memphis area?
In the Memphis metro area, 21.8% of LendingTree users with credit cards owed at least $10,000 on them in October to December 2025, compared with 26.5% across the 100 largest US metros, according to LendingTree's review of credit reports. (LendingTree, 2026-04)
How much income does it take to live comfortably in Memphis?
SmartAsset's 2026 study estimated that living comfortably in the city of Memphis takes about $86,320 a year for a single adult and $193,939 for a working family of four, using a 50/30/20 budget and MIT Living Wage Calculator costs. (SmartAsset, 2026-03)
Can I get debt settlement or a consolidation loan in Memphis?
It depends on Tennessee rules, the provider and your finances. Confirm that any company is licensed or registered where required. Debt Relief Path works online and has no local office.
Nearby and related locations
Sources
- WalletHub, Cities With the Highest and Lowest Credit Card Debts (data as of May 13, 2025, as shown on the page when reviewed)
- Wikipedia, List of United States cities by population, citing Census Bureau July 1, 2025 estimates
- Self, Credit card debt by state, citing TransUnion April 2026 Monthly Snapshot
- Census Bureau ACS 2023 5-year estimates, via Population Review
- LendingTree, More Than 1 in 4 Cardholders in Largest US Metros Carry 5-Figure Credit Card Debt (2026-04)
- SmartAsset, Salary Needed to Live Comfortably in U.S. Cities – 2026 Study (2026-03)
- FTC, Settling Credit Card Debt (archived consumer guidance)