Rising US Personal Loan Debt: Average Unsecured Personal Loan Balance Reaches $9,896 in 2022 - ResearchAndMarkets.com
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Friday, September 29, 2023
The global unsecured loan market is poised for substantial growth in the forecast period due to several key factors.
Key Points:
- The global unsecured loan market is poised for substantial growth in the forecast period due to several key factors.
- Popular Loan Purposes: A significant majority of borrowers (57.6%) utilize personal loans to refinance credit card debt or consolidate existing debts.
- US Personal Loan Debt: In 2022, the United States is witnessing unprecedented levels of personal loan debt.
- The average balance per loan of unsecured personal loans held by Americans is USD 9,896, with a total balance amounting to USD 177.9 billion.