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Manilla.com Loan Data Suggests Increase in Consumer Confidence Leading Up to Government Shutdown

10-21-13

Higher auto and student loan balances point to higher consumer spending in Q3 2013

NEW YORK, NY – OCTOBER 21, 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.

Student Loans
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:

  1. Memphis, Tenn.: $19,507.37
  2. Baton Rouge, La.: $18,165.35
  3. Atlanta: $17,770.90
  4. Shreveport, La.: $17,337.15
  5. Washington, D.C.:$16,979.48
  6. Las Vegas: $16,963.34
  7. Albany-Schenectady-Troy, N.Y.: $16,880.50
  8. Jackson, Miss.: $16,540.99
  9. Richmond-Petersburg, Va.: $16,295.02
  10. 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. 

Auto Loans

Auto loan balances are continuing to rise, showing a 21 percent increase since the close of 2012, with an average balance of $14,738.95 this quarter. This is a strong indicator that Americans are willing to spend more on cars this year, pointing to economic improvement.

Three of the 10 markets with the highest auto loan balances are located in Louisiana. According to the Bureau of Labor Statistics, Louisiana experienced an increase in employment of 0.7 percent from July to August (the most current data available), the second largest month-over-month percentage growth in the country. The state with the largest employment growth was Nevada (+1.0 percent), and Las Vegas appears in the top 10 list for both student and auto loans. This drop in unemployment correlates with the increase in consumer confidence and spending.

The top 10 markets with the most auto loan debt as of Oct. 1 are:

  1. Shreveport, La.: $18,603.08
  2. New Orleans: $ 17,759.12
  3. Houston: $ 17,281.02
  4. Little Rock-Pinebluff, Ark.: $ 17,060.88
  5. San Antonio: $16,999.15
  6. Lafayette, La.: $16,639.20
  7. New York: $ 16,565.89
  8. Miami-Ft. Lauderdale: $16,325.78
  9. Las Vegas: $16,256.74
  10. Wilkes Barre-Scranton, Pa.: $ 16,229.94

New to the list are Shreveport, La., which jumped to No. 1, Lafayette, La., and Wilkes-Barre, Pa., replacing Birmingham, Ala., Memphis, Tenn., and Waco-Temple-Bryan, Texas.

Manilla’s platform provides convenient, secure online access to all household accounts and services for more than 3,500 businesses. The free service helps consumers manage all of their household accounts, including financial accounts, utilities, subscriptions, daily deals and travel rewards programs, all through Manilla.com or via the Manilla Android or iOS mobile apps.

About Manilla

Manilla organizes and simplifies people’s lives by providing one secure access point to all household accounts and services. The free service helps consumers manage their household accounts, including financial accounts, utilities, subscriptions, daily deals, and travel rewards programs, all through Manilla.com. Consumers can also use all of the Manilla features on the go by using Manilla’s 4+ star customer-rated Android and iOS mobile apps. Under a single password, Manilla gives customers an automated, organized view of all of their account information, text and email reminders to pay bills, renew expiring subscriptions, and manage soon-to-expire daily deals, all with unlimited storage and seamless document retrieval.

Manilla is a company incubated within and backed by Hearst Corporation. Manilla is the recipient of the Webby Award and People’s Voice Award for Best Banking/Bill Pay Service and was chosen as ABC News “App of the Week,” as one of Money Magazine‘s “Top Money Apps” and as one of PCMag.com’s Top 100 Websites. For more information, please visit www.manilla.com. 

Press Contacts:

Marc Karasu
VP Marketing Manilla
Mkarasu@manilla.com

Rachel Shaffer
Allison+Partners
Rachel@allisonpr.com
646-428-0626

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