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The top reason Americans were borrowing in January 2021 was to get out of debt. Some 37.17% of people surveyed who reported ever taking out a personal loan said they used the funds for debtconsolidation. More Americans are saving, paying off debt, and taking out personal loans as a way to get out of debt at a lower rate.
Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% This includes mortgages, home equity revolving debt, auto loans, credit cards, student loans and other consumer lending such as retail cards. The total household debt of $17.3 Keep your eyes on the prize: a debt-free life.
Auto loan and mortgage debt increased by 4%, while student loan debt saw a modest rise of 1.6%. Household debt in the “Other” category — which includes retail cards and other consumer loans — also saw a substantial increase of 7.7% Keep your eyes on the prize: a debt-free life. over the same period. on the year.
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