While the dollar amounts of mortgages and credit cards have dropped since 2008, student loans have climbed, an Experian study has found
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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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