NEW YORK—Personal loans were the fastest-growing debt category in 2019, but that changed in 2020, according to new data from Experian.
While personal loans saw a 12% year-over-year increase in 2019, the category grew by just 1% in 2020—the slowest for any debt category last year—with fewer people taking out loans, CNBC reported in its analysis.
On average, personal loan balances sat at $16,458 in the third quarter of 2020. Nearly one-quarter (22%) of U.S. adults have a personal loan, CNBC said.