Personal Loans Surge, Saving Borrowers Thousands
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Personal loan usage in the US has surged, with 38% of consumers now carrying one, up from 31% in 2017. Total loans reached $67.5 billion last year, with unsecured balances topping $207 billion. High credit card debt, averaging $19,333, drives this trend, as personal loans offer lower rates. Federal Reserve rate cuts made refinancing appealing, boosting loan inquiries. Nearly half of people plan to take out a personal loan this year, with usage expanding beyond debt consolidation. Subprime borrowers led the surge, with fintech lenders handling 42% of originations. Delinquency rates remain stable, suggesting fixed payments help manage debt better. Before borrowing, check credit scores, watch for fees, and avoid overborrowing.
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