Higher auto and student loan balances point to higher consumer spending in Q3 2013
NEW YORK, NY – OCTOBER XX, 2013 – New data on the loan debt of Americans from Hearst-owned account management service Manilla.com revealed that consumers were spending more during the quarter prior to the government shutdown (Q3 2013). Released today, Manilla’s data shows that the average balances for student and auto loans at the close of Q3 2013 had increased 10.6 percent since Q2, while average total debt held by users across the nation decreased by nearly 1.2 percent, in line with declining mortgage rates and economic improvement.
“While the movement in debt balances from Q1 through Q3 does point to growing economic confidence of Manilla users, it is unclear if this momentum will be sustained through Q4 in the face of current realities,” said Jim Schinella, CEO of Manilla.
The latest Manilla.com quarterly loan report examines the student and auto loan debt of Manilla users, both nationally and by individual market, as of Oct. 1. Manilla is the leading, free and secure service that allows consumers to manage their bills and other personal accounts on desktop, tablet and mobile devices.
The national average student loan balance was $13,951.57 at the close of Q3 2013, versus $12,814.54 at the close of Q2. The average loan payment also increased during this time period from $122.64 to $125.10, further pointing to growing consumer confidence as Americans are becoming increasingly comfortable with paying off larger portions of their loans.
The top 10 markets with the most student loan debt as of Oct. 1 are:
- Memphis, Tenn.: $19,507.37
- Baton Rouge, La.: $18,165.35
- Atlanta: $17,770.90
- Shreveport, La.: $17,337.15
- Washington, D.C.:$16,979.48
- Las Vegas: $16,963.34
- Albany-Schenectady-Troy, N.Y.: $16,880.50
- Jackson, Miss.: $16,540.99
- Richmond-Petersburg, Va.: $16,295.02
- Chicago: $15,938.45
Shreveport, La. makes its debut into the top 10 this quarter at the No. 4 spot, as compared to Q2 when it was at the No. 11 spot. Shreveport residents increased their average student loan balance by 4.6 percent over the past three months.
- student loan