Loan market 'comes from a variety of sectors'
There are many reasons why people choose to seek help with loans, but consolidation of existing debts is the main one, according to one institution.
Personal finance organisation Sainsbury's Bank states that home improvements and vehicle purchasing are two other major reasons why people take loans.
Steve Baillie, head of loans at Sainsbury's Bank, said: "If you are going down the consolidation route you have to be strict with yourself so that you're not just deferring the problem for future months and years. Shopping around is the most important thing but it is entirely up to the customer's own choice."
He added that the number of people saving had decreased as people found it easier to source help with finance through credit.
In other finance news Credit Action, a personal finance charity providing help with money advice to those in trouble with debt, states that at the end of July this year the total UK personal debt burden stood at £1,355 billion.
Personal finance organisation Sainsbury's Bank states that home improvements and vehicle purchasing are two other major reasons why people take loans.
Steve Baillie, head of loans at Sainsbury's Bank, said: "If you are going down the consolidation route you have to be strict with yourself so that you're not just deferring the problem for future months and years. Shopping around is the most important thing but it is entirely up to the customer's own choice."
He added that the number of people saving had decreased as people found it easier to source help with finance through credit.
In other finance news Credit Action, a personal finance charity providing help with money advice to those in trouble with debt, states that at the end of July this year the total UK personal debt burden stood at £1,355 billion.
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