Older borrowers prefer personal loans
This entry was posted on 6/6/2007 12:24 PM and is filed under Psychology,Lending.
June 5, 2007: London:
A new reports suggest that older consumers are more likely to opt for personal loans, as opposed to their younger peers.
Research
carried out by Alliance & Leicester, an English Bank, has found that just 11% of
those under 25 highlight personal loans as their preferred means of
borrowing, increasing to 40% for the 35 to 44-year-old
demographic.
Conversely, younger borrowers are thought to have a stronger preference for using credit cards and store cards.
Richard
Al-Dabbagh, senior personal loans manager at Alliance & Leicester
stresses that consumers of all ages need to be aware of cheaper
personal loans in order to avoid paying excessive amounts of interest
when borrowing.
"Anyone who is paying over the odds for large
purchases on costly store cards or expensive dealer finance should look
at how much they could save by moving to a low-rate personal loan," he
commented.
