bad credit personal loansBad Credit Personal Loans statistics show that “average” Americans carry somewhere between $2,500 and $8,000 in credit card and related debt. And, it can quickly get a lot worse for people who are tempted to look for bad credit personal loans after losing a job, or are hit with health problems or a failed marriage.

It can take years to pay off credit card amounts by making just the minimum monthly payments. Throw in a car loan, student loans, a mortgage, and the situation and dollar amounts can overwhelm just about anyone.

Personal loans, or promissory notes, are usually “unsecured” and extended by a lender on a promise to repay. People with a credit history of late payments or defaults will have difficulty finding a bank that will “take their word”. “Big Mike’s Loans” can probably come up with some “moolah” for you, but he doesn’t accept checks as payment, and he’s liable to show up at your door in the middle of the night.

So-called “problem debtors” have it bad, according to numbers compiled by the nonprofit credit counseling agency Myvesta. Their clients in financial crisis had unsecured credit card debt of $77,036, up from $52,201. Mortgage debt jumped from an average of $168,129 to $207,958 last year. The people in crisis carried an average of 11.3 credit cards, up from 8.1 a year ago. Cash flow was a negative $2,468 a month.

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