 TITLE: Growth of Personal Loan Debt Slows Amid Pandemic CONTENT: Average Consumer Snapshot: Personal Loan Balances\n-------------------------------------------------\nThough overall personal loan debt saw growth in 2020—in continuation of the six-year trend—the average amount each consumer owes only increased by only 1%, according to Experian data.\nAs of Q3 2020, consumers owed an average of $16,458 in personal loans, up $199 from $16,259 in 2019. This year's increase in individual average personal loan debt comes on the heels of several years in which average consumer balances went down. In 2018 and 2019, average personal loan balances per consumer shrank by 1% and 0.5%, respectively—a decline that occurred while overall personal loan debt increased.\nThe contrast between overall growth and declining individual balances is likely explained by the increasing number of personal loan accounts, which has been the trend since 2013, according to Experian data. With more accounts, overall debt balance can grow while the average balance remains about the same. Since 2013, the total number of personal loan accounts has grown 90%, from 22 million to 43 million in Q3 2020. END