Older borrowers prefer personal loans

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.

Posted by Mark Rodrigues at 6/6/2007 12:24 PM
Categories: Psychology, Lending
 

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