|
Digital News Report – New statistics are out and the amount of person loan debt is increasing. Personal loans include consumer loans, personal debt consolidation loans, unsecured loans and car loans.
There are two types of personal loans: secured and unsecured. Banks will usually charge a lower rate for secured loans, but this type of financing usually requires more paperwork.
We found a change at Chase Bank this week. Our last survey found a rate of 4.44%. Today the bank is charging 4.29%. This is a starting rate. The final rate will depend on the customers credit score, loan amount and the security.
Wachovia had a rate of 9.12% today. Their low rate for a personal loan was 6.99% and the maximum was 11.24%.
US Bank had a starting personal loan rate 4.58%.
New figures from the Federal Reserve showed revolving debt, like credit cards, decreasing; while personal non-revolving credit increased in 2010. The preliminary figures show that total consumer debt decreased again in 2010 after falling in 2009.
By Tina Brown