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Consumers shift to personal loans as interest rates rise

Experian data shows that total US personal debt increased by almost 10% even as demand for personal loans steadied in 2023.

Digital content exchangeMost of the states beat nationalFederal reserveLoan debt increasesPersonal loan accounts addedPersonal loans hasPersonal loans has steadiedPersonal loan balances increaseNearly allNearly all statesSlowest growing states beat nationalSlowest growing states beat national averagesOverall rateWhat borrowers canConsolidation most popular reasonPersonal loans

While demand for personal loans cooled in 2023, the average personal loan balance grew 6 3%

Experian data shows that total US personal debt increased by almost 10% even as demand for personal loans steadied in 2023.

Most of the states beat nationalFederal reserveDigital content exchangeLoan debt increasesPersonal loan accounts addedPersonal loans hasPersonal loans has steadiedPersonal loan balances increaseNearly allNearly all statesSlowest growing states beat nationalSlowest growing states beat national averagesOverall rateWhat borrowers canConsolidation most popular reasonPersonal loans

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