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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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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.
RATE SEARCH: If you’re shopping for a personal loan, let Bankrate help you find the best rates today.
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