There's always room for improvement. Why not start with your finances?
In 2018, roughly 83.5 million people will have taken out a personal loan. According to TransUnion, the outstanding balances for personal loans in Q2 of 2017 was around $107 billion, representing an increase of 10.8% during the same time period in 2016 and a 132% increase from where it was in 2012.
During this time frame, not only has more consumers been able to successfully pay down their debt, but there has also been a 8.5% decrease in personal loan delinquency rates with an 11.6% increase in credit card delinquency rates.
More than 16 million consumers currently have a personal loan and the market for unsecured personal loans continues to grow as more and more banks, online lending partners and even credit unions continue to enter into the marketplace.
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According to TransUnion, personal loan balances as of Q2 2017 were at $107 billion — an increase of 10.8% from the same quarter in 2016.
During the first quarter of 2018, Americans paid back $40.3 billion in revolving debt, according to new analysis from the U.S. Census Bureau. Further, the number of delinquencies, or debts overdue by 30 days or more, dropped in several categories with personal loan delinquencies falling from 1.90% to 1.57% as of Q4 2017 as tracked by the American Bankers Association.
From Q4 2016 to Q4 2017, the average consumer loan balance has incresed by 5.6%. According to TransUnion's latest forecast, the average personal loan balance is anticipated to increase to approximately $8,500 with personal loans originations geared more toward prime consumers than subprime consumers.
Although there were challenges in the personal loan industry in 2016, personal loan volume has rebounded nicely in 2017 according to TransUnion's latest forecast. This trend is expected to continue with FinTechs continuing to gain market share along wtih banks and credit unions following suit.
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