The times have changed and so have the spending habits of the people. People are increasingly taking out loans to finance luxury purchases rather than necessities. The changing trend has surely something to do with increasing consumerism.
The spending habits of their peer groups influence people. It casts an imitating effect on them and even if they have no money or are short of money, they resort to loans merely to match others in their groups.Unsecured loans are very popular as they do not require security and are available at short notices. Borrowers consider unsecured loans as a risk-free way of borrowing. Although the interest rate is little higher in this case, quick processing compensates for the higher interest.
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Separate surveys carried out by Mintel and Sainsbury's Bank present some startling facts. According to Sainsbury's Bank, one out of every five loans that are taken out for plastic surgery are availed by men. The survey also suggests that nearly £1.8 million is being spent every day on plastic surgery in the UK. All these findings show that people are availing loans for varying reasons.
Another survey from Mintel indicates an increase in spending when it comes to things like footwear. People are now purchasing a pair of shoes for a specific occasion and also to match them with one particular outfit. A rise of 38 per cent on the amount spent on shoes over the last five years was detected.
Quick and easy availability of unsecured loans sometimes make people crave for more. You should not fall for unnecessary items just because loans are easily available in the market. Rather, you should properly analyse your requirements before taking loans. This will help you stay away from the debt crisis that is on the rise in the UK.
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