Three NJ Municipalities Rank in Top 25 Cities with Highest Personal Loan Debt

New data compiled by Experian has revealed that personal loans hit record levels in 2018, totaling more than $291 billion. Its studies show that personal loan debt is growing faster than auto, mortgage, and student loan debt.

Three New Jersey municipalities fall in the top 25 cities nationally when it comes to personal debt, Princeton which ranked number 10 with $82,271 average personal loan debt, followed by Tenafly at number 14 with $81,552, and Branchburg at 21 with $62,996. 

Two Long Island towns place first and second, Manhasset with $232,877 and Syosset with $146,936. California had the most towns on the list with seven, three of which were in the top five.

There are currently 36.8 million outstanding personal loan accounts held by 10.8% of adults in the US. Some cities carry an average of more than $200,000 in personal loan debt, while other cities maintain average balances of less than $5,000.