The old saying goes, if it’s growing like a weed, it’s probably a weed. Last week’s news from the Washington Post that personal loans are growing like a weed is a stark reminder of how good times and growing paychecks often get folks out over their skis. With an average personal loan balance exceeding $16,000, these unsecured debts now rival credit card balances.
Credit cycles are…well…cyclical. Let’s hope we move back from the brink before it cycles back around.