1.49 million people will borrow to consolidate debt - Sainsbury's Bank loans

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www.moneynews.co.uk > Loans > 1.49 million people will borrow to consolidate debt - Sainsbury's Bank loans

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1.49 million people will borrow to consolidate debt - Sainsbury's Bank loans

Approximately £11.9 billion is expected to be borrowed over the next year for debt consolidation according to Sainsbury's Bank loans.

Sainsbury's Bank expects this to be the main reason for borrowing, accounting for one third of all loans. It anticipates that purchasing cars and home improvements will be the second and third most popular purposes for taking out loans in the next year.

Car buyers are expected to account for a quarter of all loans by borrowing £9.92 billion, while 793,600 people, 16 per cent of all customers, will take out loans to pay for home improvements.

Rachel Brereton, loans manager at Sainsbury's Bank, said: "When taking out a personal loan, you need to ensure that you shop around to find a competitive rate. The difference in rates on a loan of £10,000 could be as high as 8.0% APR which over five years could mean around £2,180 in excess interest repayments."

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