Few Americans have the cash they need on hand to pay for big-ticket items upfront. That’s why it’s not unusual for people to take out mortgages, car loans and student loans, so they can pay for these costly expenses over time.
But when it comes to other major purchases like home renovations, engagement rings, medical bills an increasing number of Americans are turning to personal loans to help manage the cost.
Personal loans are the fastest-growing debt category, according to a 2019 Experian study. While mortgages still made up the largest portion of consumer debt (71.7%), in 2019, Americans reportedly took out personal loans at a faster rate than auto loans, mortgages, credit cards and student loans.
A form of installment credit,…
Read the full article at: https://www.cnbc.com/select/ways-people-use-personal-loans/
