This Is the Average Personal Loan Balance. How Does Yours Compare?

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A worried-looking woman reading a letter in her home.

Image source: Getty Images

Personal loans are an affordable way to borrow money, and during the COVID-19 pandemic, they’ve no doubt been a lifeline to the millions of Americans grappling with income loss.

The upside of a personal loan is that you’re not limited in how you spend it. When you take out a mortgage, you must use that loan to buy a home. With an auto loan, you’re financing a car. A personal loan lets you borrow for any reason you want. Credit cards do the same, but personal loans tend to charge much less interest, and don’t drop your credit score unless you fall behind on payments.

If you have a personal loan, you may wonder how your balance compares to that of the average borrower. According to new research by The Ascent, the average new personal loan balance is $6,825. But whether your balance is higher, lower,

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The national debt is ready to eclipse the US economy: What you need to know

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Even before the coronavirus pandemic pushed government spending off the charts, the national debt was snowballing at an alarming rate.

The national debt has ballooned to its highest levels since World War II amid the pandemic, and the federal debt held by the public is expected to eclipse the size of the entire U.S. economy, measured in GDP, by next year, according to the Congressional Budget Office’s most recent outlook.

Government debt during so-called “war times” — or in a global health crisis — might not necessarily be a bad thing, economists say. But eventually, this debt will have to be serviced, putting a looming burden on future economic growth and the next generation.

PHOTO: Passengers wearing face masks wait for their bus in front of a national debt display on Pennsylvania Ave. NW in Washington, May 18, 2020.

Passengers wearing face masks wait for their bus in front of a national debt display on Pennsylvania Ave. NW in Washington, May 18, 2020.

Passengers wearing face masks wait for their bus in front of a

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How The Financial Services Industry Can Cater To The Next Generation Of Wealth

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David Allison is a bestselling author, international speaker and the Founder of the Valuegraphics Database.

Within the next 25 years, we will see the largest wealth transfer in history as baby boomers pass an estimated $68 trillion down to the next generation. Anyone interested in reaching these next-generation high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) must learn to deliver on their values, wants, needs and expectations, which could be different from their parents. But are they? 

The financial services industry looks at this group — which I’ve dubbed The Inheritors — and sees nothing but questions. Thankfully, we can reach them.

My company surveyed 1,850 HNWI and UHNWI who will inherit from $10 million to over $100 million. We wanted to learn what these individuals truly cared about, and as we dug into the results, four distinct groups emerged:

1. The Masters Of The Universe

2. The Loyal

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3 Strategies to Generate Fresh Business Leads During a Global Crisis

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7 min read

Opinions expressed by Entrepreneur contributors are their own.

While the global health crisis gradually loosens its hold on the economy, firms small, large and everything in between are beginning to double-down on marketing efforts and get back on steady footing. 

In the past few months, businesses have been forced to get to grips with a dramatic change in working conditions, buyer sentiment and consumer engagements, leaving some firms struggling to adapt. In particular, businesses with a major B2B focus have been hit hard, because many of their clients are also struggling and prospecting for new clients via in-person events is a thing of the past — for now. 

Related: How the Global Health Crisis Affected 3 of Europe’s Most Promising Industries

But it’s not all gloom and doom. Plenty of B2B and B2C companies have successfully weathered the storm and come out stronger on

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