Personal Loan Statistics 2017
-Updated July 26,2017
Personal loans in the United States are rapidly growing in popularity, particularly with the advent of the flex loan. Regardless of financial position, occupation, gender, race, or place of living, nearly everybody incurs at least one hefty bout of financial difficulty in their lifetime. Costs of attending college is rising, Americans are as debt-hungry as ever, and there’s currently no end in sight to personal loan statistics.
Attending university or trade school is incredibly popular in today’s age, more popular than ever before. Graduates are highly likely to jumpstart their careers, immediately getting paid more than their non-attending counterparts who decided to forego postsecondary education. However, Americans are absolutely hunkered down with student loan debt, owing in excess of 1.4 trillion dollars to large-scale loan providers like Sallie Mae and Navient.
The average postsecondary school graduate’s loan like title loan statistics have an outlook in the United States is becoming increasingly dark and dreary, with 2016 graduates owing a whopping $37,172 in debt. It seems counterintuitive for hard-working young adults to attend college, working hard to pass classes while balancing work and social lives, only to be swamped with exorbitantly-high piles of debt in return. Thanks, college!
The vast majority of student loan borrowers are young adults less than 30 years of age. It’s common knowledge that younger people, on average, get paid less than their older peers. Also, young adults usually have trouble finding employment, far more than older adults with more work experience.
As student loan balances unfortunately trend upwards, delinquency rates on outstanding consumer debt balances is likely to rise in 2017. Percent changes in serious delinquencies on auto loans and credit cards — or, outstanding balances in excess of 60 and 90 days past due, respectively — have both risen, each rising consecutively in the past 4 and 2 years, respectively.
With more consumers defaulting on loans, or at least not paying them back in reasonable periods of time, debtors are likely to increase interest rates and become more selective in choosing consumers to be granted debt. As consumers in the United States, aggregately, become increasingly reliant on student loans, individual student debt balances balloon, and start to be delinquent in paying debt back, the debt market might become less welcoming to debtors. Maximum balances allowed are likely to decrease, with annual percentage rates expected to tick upwards.
Hooray, debt! Who am I kidding…