Personal loan balances are growing at a faster rate than any other credit product. Personal loan balances reached a record $305 billion in the second quarter (Q2) of 2019, according to Experian data, with the average balance hitting $16,259.
As part of our ongoing analysis of personal loan debt in the U.S., Experian looked at data from Q2 2019 to see which city in each state had the highest average personal loan balance, including both secured and unsecured personal loans. Here is an overview of top balances among states along with the rankings.
Top Cities With the Most Personal Loan Debt
Western Springs, Illinois, had the highest average personal loan balance of $188,721 among the top cities from each state. All five top cities had average balances above $100,000, and they also had estimated incomes that averaged above $150,000. Kamuela, Hawaii, had the lowest average personal loan balance of $15,723 among the top cities from each state.
|Cities With the Highest Personal Loan Balance in Each State|
|1||Western Springs, IL||$188,721|
|5||Paradise Valley, AZ||$103,812|
|6||Lighthouse Pt, FL||$85,453|
|9||New Canaan, CT||$75,327|
|10||Mountain Brook, AL||$69,952|
|13||St. Simons Island, GA||$57,623|
|14||Camano Island, WA||$57,035|
|15||Box Elder, SD||$55,957|
|17||Pawleys Island, SC||$54,931|
|30||New Albany, MS||$38,382|
|37||East Greenwich, RI||$32,546|
|42||West Fargo, ND||$29,596|
|43||Rehoboth Beach, DE||$27,547|
Source: Experian Q2 2019 data
Personal Loans and Your Credit
Personal loans can be helpful if you know you can make all payments on time and have done your research to ensure this is the most cost-efficient way to borrow the cash you need. You should avoid taking on new debt without looking carefully at your overall financial health. You can check your Experian credit report and credit scores to make sure you understand your current credit standing. Also take some time to improve your credit scores if necessary to ensure you receive the best possible rates and terms.
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This service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.
Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.
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