BRITAIN’S borrowers are very confident in their ability to repay their loans, Lloyds Bank figures showed today, in another sign of the growing economic recovery.
The bank found that 83 per cent of unsecured loan borrowers surveyed feel confident they can pay off the debts.
The study showed that 45 per cent of men are very confident, compared to 40 per cent of women.
“It’s encouraging that, as confidence in consumer finances continue to grow, the majority of people feel in control of their current and future loan repayments. This is enabling customers to enjoy those special occasions and providing the opportunity to restructure their future borrowing in a more cost-effective way,” said Lloyds’ Sam Clark.
“For people who may not be as confident in their current ability to manage their debt, it’s important to regularly review your finances and make sure you have the greatest ability to manage your money. This could be by looking at consolidating debt or moving to products that allow greater flexibility and the opportunity to make overpayments without penalty.”
Of those with an unsecured personal loan, 27 per cent borrowed to consolidate their debts in one place, while 26 per cent told the bank they wanted to buy a bike or a car, and 20 per cent borrowed for home improvements.