Sainsbury's Bank: Debt consolidation most popular reason for loans

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Sainsbury's Bank: Debt consolidation most popular reason for loans

Debt consolidation is the main reason that people take out personal loans, according to Sainsbury's Bank.

Head of loans Steve Baillie said that 40 per cent of people taking out personal loans are doing so for debt consolidation purposes.

Other reasons for taking out personal loans include home repairs and buying a car, he commented.

"The purposes behind personal loans are many. Slightly more than a quarter of our customers are getting loans for home improvements, to add value to their property," Mr Bailey explained.

He added that 18 per cent of customers who were planning to buy a car in the next six months were going to do so with a loan.

July figures from Credit Action indicate that the average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has increased to £4,515 per UK adult.

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