Seattle, WA (PRWEB) November 19, 2012
Acquiring bad credit auto loans just got easier despite increased average levels of debt across the nation. According to a new report, U.S. personal debt loads have reached a new high. Earlier this week, TransUnion stated that excluding mortgages, the average consumer's total debt load rose to $26,768 in the three months ended Sept. 30. With heightened levels of average debt per household the need for online auto loans has extensively increased.
That means the average debt per household is up 2.1 per cent from the prior quarter, and an increase of 4.6 per cent from the third quarter of 2011, the credit reporting agency declared that this is the fastest rate of quarterly and annually growth in two years. Since TransUnion began tracking this data in 2004, it’s the highest level of personal debt recorded.However, despite national increases in debt loads, car loan lenders have been increasing the amount of loans to consumers.
According to recent studies the increase in consumer debt is party due to the fact that more people are qualifying for loans, even bad credit loans. Lenders are experiencing better loan paybacks from consumers which allows them to increase their loan payouts.
“At this time last year, we were encouraged to see consumer total debt levels remain relatively stagnant for three consecutive quarters,” Thomas Higgins, TransUnion’s vice president of analytics and decision services said in a release.
He added that an year later, it appeared that they had reversed course as consumer total debt had increased for three straight quarters, including the largest jump in nearly two years this past quarter. In consumer debt loads, auto loans drove the latest quarterly increase. Per person, average auto loan debt rose to $19,228 which is up 11.25 per cent over the previous year.
Buyers who tightened their belts to get through the recession, are now unleashing that pent-up demand as auto makers offer big incentives to lure them with attractive bad credit auto loans. At the end of September, average credit card debt was $3,573. From the year-earlier period, that’s down 1.04 per cent yet from the prior quarter, it is up 0.48 per cent. Throughout the U.S., the increase in average debt was consistent, with provinces in the Maritimes registering the largest year-over-year gains.
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