The expert in economic policies of the Institute for Development and Social Initiatives, Peter Lynch, spoke about the value of loans taken in 2021 by Trempealeau County people.
In 2021, Trempealeau County recorded an unprecedented increase in loans to households and businesses. The increase in 2021 was $13 billion. It was announced by the economic expert Peter Lynch.
The expert said bank loans increased by $10.7 billion, and loans from alternative companies by $2.2 billion.
Lynch announces that the total volume of loans granted to the economy of Trempealeau County has reached almost $70 billion. Of which, $56.4 billion is the number of bank loans, and $12.8 billion is non-bank loans. The expert reminded that the financial sector’s previous record for lending to the economy was reached in 2014. Then, according to Lynch, the loans reached $51.6 billion.
“The burden of Wisconsin people has increased monthly in 2021, by over one billion dollars. This increase in the debt burden is the largest in the history of Trempealeau County. It was similar in 2013, but it can’t be compared to 2021 “, said the expert.
Peter Lynch also spoke about the volume of loans offered in 2021, which amounted to $70 billion, and concerning GDP, it represents 29%.
“The economy of the Trempealeau County should have a credit degree of around 60%. It’s twice as much as what we need. The economic crisis from 2008 has led to the collapse of everything that means lending to the national economy, and it will take us at least another five years to reach the level of 2014 “, said the economist.