Student loans up 84 percent, while other loans drop
While the dollar amounts of mortgages and credit cards have dropped since 2008, student loans have climbed, an Experian study has found.
Looking at the second quarters of 2008-2014, credit bureau Experian noticed that the dollar amounts of:
- Home equity loans were down 56 percent.
- Home equity lines of credit were down 23 percent.
- Credit cards dropped 14 percent since 2008, increasing slightly between 2012 and 2014.
- Mortgages are down 8 percent since 2008, with a slight increase between 2012 and 2014.
Only student loans were up in the six-year period, by 84 percent, with 40 million Americans possessing at least one student loan. Experian also found that consumers with student loans had an average balance of $29,000.
Experian analyzed the figures in August 2014, using a 5 percent sample of its credit files. A snapshot of the second quarters of 2008-2014 was studied.
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