Personal Loan Debt Growing By 11% Annually And Is Outpacing Student Loan And Credit Card Debt
Personal loan debt is the fastest-growing debt category in the country. It is outpacing student loans or credit cards by double digits.
Personal loan debt now exceeds $300 billion. Credit reporting agency Experian states this is an 11% yearly increase.
Personal loans can help consolidate credit card debt or make funds available for major projects like home remodeling effort. However, personal loans do differ in some key ways from other types of credit you might use.