Loans study highlights borrowing by early 30s

Fri, 20 Apr 2007

A new loans study has revealed that consumers in their early 30s tend to borrow more money than any other demographic.

According to research from financial services provider Alliance & Leicester, this age bracket currently has to repay unsecured loans that amount to £5,863, which is 29 per cent above the UK average.

Moreover, 63 per cent of this group are homeowners - so thousands may also have to balance the demands of mortgage repayments as well.

Finally, it has been discovered that those in their early 30s divert a greater proportion of their money towards loan interest repayments than anybody else.

"The early 20s are a transitional age," commented Chris Rhodes.

"Many are buying their first homes at this point but are also enjoying rapidly rising salaries and are keen to enjoy life the full."

Recently, financing website MoneyExpert highlighted the potential dangers of applying for multiple personal loan deals online.

The organisation pointed out that online banking customers in urgent need of money may be tempted to apply for multiple loans simultaneously.

However, the financing organisation warned that this could leave some applicants with a poor credit rating if they receive several loan rejections.

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