Personal loans have exploded in popularity over the last number of years. With UK consumers in more debt now than they ever have been in the past, personal loans are becoming even more popular as more and more people use the to consolidate their existing debts. There are a number of factors that have contributed to the growth of the personal loan market but most can be traced back to the following broad reasons:
A largely healthy economy with high levels of consumer optimism
Historically low interest rates
High rates of employment
High rate of house price increases leading to a wealth effect
While all of these have been reasons why people have been opting for more and more personal loans, they are not necessarily good reasons to take out extra credit and it is therefore necessary for each person, before agreeing to go further into debt to ask themselves the following question, is it a good idea for me now to take out a further personal loan?
While it is impossible to answer this question without knowing the precise personal circumstances of each person considering taking out a personal loan, there are certain guidelines that can be used to...
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