Recent studies reveal that debt consolidation is the top reason why people take out personal loans.
According to an Aprilstudyby Bankrate that analyzed responses from more than 160,000 applicants, debt consolidation was the most reported reason for getting a loan in quarter one, at 38%. An additional 5% of applicants in Bankrate’s study selected credit card refinancing as their main motivation.
Meanwhile, the peer-to-peer lending platformLendingTreereported that in the last month of 2019, 35.7% of loan applicantswere looking to consolidate debt, and 31.4% of applicants cited credit card refinancing as their main reason for requesting a loan.
In addition, both studies revealed that debt consolidation loans were also the largest dollar…
Read the full article at: https://www.cnbc.com/select/average-personal-loan-amount-for-debt-consolidation/