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21 February 2006
Nuptials, uplifts and the tax man were prime reasons for people taking out unsecured personal loans with Abbey during January.
The company said that customers looking to improve their appearance with cosmetic surgery, funded with a personal loan, shot up by 50 per cent compared to the same month in 2005.
Tying the knot was also a major contributor to Abbey's personal loan figures. The number of consumers who cited a wedding as the main reason for obtaining personal credit jumped by 32 per cent for just the first two weeks of the year.
"It's surprising just how many people are borrowing for different needs. Only two or three years ago, the number of people borrowing for cosmetic surgery would have been very few and far between, but now it's become a more regular occurrence," said Paula Ickinger of Abbey.
She added that financial worries still plagued most of those looking for a loan: "January is traditionally a time for people to sort out their finances and consolidate debt, which is still the number one reason why people apply for an unsecured personal loan."
Paying off the Inland Revenue also concerned personal loan applicants, with numbers rising by 68 per cent on the year before.
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