It's personal loan balances -- a whopping $300+ Billion
Well... when we're talking American aggregate debt, $300 billion isn't *that* much.
According to the article it increased YOY by 11%, student loan debt would have to grow by something like $140B to equal that or basically nearly half of the outstanding personal loan debt heh.
Magic of small numbers .
It is interesting to see the market at work though, post mortgage crisis personal loans were basically nowhere and in the last few years there's been a slew of offerings by non-traditional players to take advantage of an underserved market product.
Could it be because it's become so easy to apply/open a Loan online these days? After all there's 100 of thse places and are constantly advertised daily.