|
Why people borrow money
New research from Alliance & Leicester Personal Loans has shown that the most popular reason to borrow money is to pay for a vehicle. Across the UK, 25% of people borrowed money for a second hand car, 12% borrowed for a new car, and a further 3% borrowed to help pay for motorbikes and caravans.
The second most popular reason was debt consolidation with 34%. It is suggested this is due to high interest rates on store cards or finance deals.
The survey indicates that the third most popular reason is for home improvements with 20% of people extending their homes or creating loft conversions.
Tags:
money, borrow, people, investment, lend
|