I do not have to buy my credit report, which you can purchase from the Credit Bureau to assess your level of indebtedness and quality as a borrower.
Yet I am curious how much debt the folks in my age group have.
My age group are those that are around 35 to 39 years old.
They are the folks in the peak of their human capital.
It would seem despite that, they do take on a lot of loans:
- Credit Card Debt: $5384
- Personal Loan: $40674
- Motor Vehicles Loan: $34606
- Home Loans: $306079
Here are the break down of these categories:
We can see the majority of the people are starting to clear their home loans.
But I cannot explain the high personal loan rate at a period where we should have our emergency funds or saving towards our goals.
So why such a high personal loan?