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Borrowing money to pay for a car, motorbike or caravan accounts for 40% of all loans taken out in the UK according to new research by Alliance and Leicester. Debt Consolidation is the next most popular driver for loans, with 34% of borrowers taking new loans to payoff or refinance existing loans or credit cards debts. This figure rises to 36% of borrowers for London and the South-East where debt consolidation seems to be more popular.
With some credit card and store card deals charging in excess of 20% interest, it's easy to see why personal loans charging interest at less than 10% is a very attractive option. Funding for home improvements account for 25% of loans, leaving just 1% of loans to cover the other reasons people may wish to borrow.
Of these more unusual reasons, wedding loans are most popular in Northern Ireland and loans to pay for holidays are more frequent in the North West of England.
The split between those people borrowing to pay for new cars as opposed to second-hand cars is roughly 30-60, with new car loans coming out slightly more popular in Scotland than other parts of the country.
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