Americans opening more personal loans
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More Americans are turning to personal loans to consolidate debt, renovate their homes or even to buy a car. In fact, 2.99 million new unsecured personal loans were opened in the 1st quarter of 2016, an increase of 13.6% over the same quarter a year prior, according to TransUnion, one of the 3 major credit bureaus.
Not only are there more loans, the average debt on those loans is growing, too. The average debt per borrower was $7,745 during the 2nd quarter of this year. That’s a 9.1% increase over 2015.
Using TransUnion and Bankrate data, we estimated what a typical monthly payment might look like on the average loan balance in all 50 states. In each case, we used the average personal loan rate – 10.7%, according to Bankrate’s national survey — on a hypothetical 36-month loan to arrive at the monthly payment and total interest paid.
Here are the states with the highest average personal loan debt per borrower.
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Hawaii
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Average personal loan debt: $11,327
- Monthly payment (36-month loan): $369.22
- Interest paid: $1,965.07
New Jersey
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Average personal loan debt: $10,808
- Monthly payment (36-month loan): $352.31
- Interest paid: $1,875.04
Montana
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Average personal loan debt: $10,330
- Monthly payment (36-month loan): $336.73
- Interest paid: $1,792.11
Connecticut
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Average personal loan debt: $10,074
- Monthly payment (36-month loan): $328.38
- Interest paid: $1,747.70
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Maryland
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Average personal loan debt: $9,996
- Monthly payment (36-month loan): $325.84
- Interest paid: $1,734.17
Virginia
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Average personal loan debt: $9,496
- Monthly payment (36-month loan): $309.54
- Interest paid: $1,647.42
Colorado
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Average personal loan debt: $9,259
- Monthly payment (36-month loan): $301.81
- Interest paid: $1,606.31
Vermont
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Average personal loan debt: $9,255
- Monthly payment (36-month loan): $301.68
- Interest paid: $1,605.61
New York
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Average personal loan debt: $8,936
- Monthly payment (36-month loan): $291.29
- Interest paid: $1,550.27
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Wyoming
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Average personal loan debt: $8,880
- Monthly payment (36-month loan): $289.46
- Interest paid: $1,540.55
