Americans are hungry for personal loans that they can use as quick cash to pay for anything from vacations to credit card debt, a potential red flag for the economy.
Personal loans are up more than 10% from a year ago, according to data from Equifax, a rapid pace of growth that has not been seen on a sustained basis since shortly before the
Great Recession. All three of the major consumer credit agencies -- Equifax, Experian and TransUnion -- report double-digit growth in this market in recent months.
Experts are surprised to see millions of Americans taking on so much personal loan debt at a time when the economy looks healthy and paychecks are growing for many workers, raising questions about why so many people are seeking an extra infusion of cash.
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