The surprise from the millennials
Out of the ten percent of adults in America that will consider getting a personal loan, a large number of them are millennials. Approximately eighteen percent of nineteen to thirty-year-old believe they will use a personal loan at some point this year.
It is also true that these young people are trying very hard not to accumulate a lot of debt, especially when some are already paying off student loans.
The survey from Bankrate also indicates as a person gets older the rate for a personal loan gets less.
Young people haven’t had the time to properly prepare in case of a financial issue and older consumers have had that time to prepare.
Pressures of the post-holiday
Almost every four in ten Americans express that they have already gotten a personal loan. Approximately fifty percent of people that make on average between fifty thousand annually and seventy-four thousand, and those that make above seventy-five admitted to taking out a personal loan. Only about one third of the same respondents making less than thirty thousand annually stated the same.
The reason for the increased attraction to personal loans could have been influenced by the season.
This time of year, influences people to spend and it is common for many people to overspend, creating additional pressure on their already limited budget. Without savings to fall back on and no options to make any budget cuts, most people turn to getting a loan as the solution that will hopefully get them out of the debt they are in.