What’s Happening With Personal Loans In Texas?
– Fox Sports The Texas Department of Financial Institutions (DFI) has reported a record $5.4 billion in loan losses for the month of March.
The latest data from the state’s largest financial institution showed that the total amount of loans outstanding is $5,923 billion.
This is up $1 billion from the same month last year, which marked the second-largest monthly loss since the department began tracking loans in 2003.
While the total number of outstanding loans is up, the number of borrowers who have been charged back by banks has dropped.
The total number is now at about 2.3 million.
“That is a big drop from the last month,” said Jeff Schumacher, the director of the Dallas-based Institute for Personal Finance at Rice University.
The DFI report also shows that borrowers who defaulted in March are now paying off their loans at the same rate as the general public.
“In some ways, it’s a good sign because you’re seeing a lot more borrowers paying off and in some cases paying their balance off as quickly as possible,” Schumachers said.
However, the average balance is $7,717.
That means a borrower who defaults on a loan and owes a lot of money could end up owing far more than the $7.7 billion reported.
In addition to the record-breaking amount of loan losses, the DFI also reported that the average monthly payment is $1,928.
Those numbers are likely a result of borrowers taking out loans to finance a family, Schumachs said.
In Texas, people with less than $75,000 in annual household income can get a loan through the state Department of Family and Consumer Services.
However they can’t get a private loan because it requires a credit score of 620 or higher.
That’s down from the previous average score of 627 in March.
For some borrowers, the state will waive the loan requirements for the low income.
The average loan is now $1.8 million, down from $1 million last month.
The number of people with personal loan debt has doubled since March, but that increase is due largely to people with more debt.
This increase in personal loans has helped to drive up the cost of mortgages.
According to the Texas Association of Realtors, the median mortgage price for a home in Texas is now more than $1m, up $3,300 from the prior month.
According the Texas Bankers Association, the typical Texas home now costs more than triple what it did in May.
The Associated Press contributed to this report.