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Guess What's the Fastest Growing Debt Category. Student Debt--No. Credit Card Debt--No.

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Guess What's the Fastest Growing Debt Category. Student Debt--No. Credit Card Debt--No.

It's personal loan balances -- a whopping $300+ Billion

 

https://www.msn.com/en-us/money/personalfinance/the-fastest-growing-debt-category-in-us-is-not-stude...

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Re: Guess What's the Fastest Growing Debt Category. Student Debt--No. Credit Card Debt--No.

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 Smiley Wink.

 

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.




        
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Valued Contributor

Re: Guess What's the Fastest Growing Debt Category. Student Debt--No. Credit Card Debt--No.

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.






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