 TITLE: Growth of Personal Loan Debt Slows Amid Pandemic CONTENT: Personal Loan Debt Increases in Some States, Falls Elsewhere\n------------------------------------------------------------\nAcross the U.S., the country was split when it came to how consumers' average personal loan debt changed in the past year. Consumers in 27 states saw their balances grow in 2020, while personal loan debt balances fell in the remaining 23 states and the District of Columbia.\nAmong the states where consumers' balances increased, nearly two-thirds—17 states—saw amounts owed grow by 4% or more. Two states saw double-digit percentage growth.\nOf the states where consumer balances decreased, a little over half—16 states—saw a decrease of less than 4% and only two saw double-digit percentage declines. Notably, in the 10 states that saw balances drop the most, consumers' average FICO® Scores☉ were consistently above the national average of 710—a potential nod to the ability higher-score holders had in paying down debt over the past year.\nSource: Experian\nNearly half of all states and the District of Columbia saw their average personal loan balance drop in 2020. The nation's capital saw the biggest drop by far, nearly doubling the decrease seen in the second-ranked state—New Jersey. Vermont, Connecticut and North Dakota followed closely behind New Jersey to round out the states with the top five biggest decreases in debt.\nConsumers in the District of Columbia decreased their average balance by 19.6% since 2019, according to Experian data. This reduction is in line with other trends within the district. In 2020, consumers there also saw their credit card debt drop by 20%—the most of any state.\nSource: Experian\nConsumers in more than half of states—27 to be exact—saw average personal loan balances increase since 2019. The greatest increase was recorded in Kentucky, where consumers saw their average personal loan balance spike by 11%. Nebraska, Nevada, Maine and Wyoming followed Kentucky as the states where consumer balances saw the greatest growth in 2020.\nSource: Experian END