UK has marriage on the mind in ’06

There was a sharp increase in the number of homeowner loan deals taken out to pay for weddings in January Abbey has claimed, as well as funerals.

Compared with the same period of 2005, there was a 32 per cent increase in the number of homeowner loan plans for weddings, said figures from the bank.

Adding to the unseasonal sense of cheer, there was also a five per cent decline in the number of homeowner loan deals taken to cover the cost of divorce.

Not everything was cheery however, with a ten per cent increase in the number of homeowner loan applications to cover the cost of funerals.

There was also a fifty per cent increase in the number of people borrowing to cover cosmetic surgery, and a five per cent increase in borrowing for holidays.

Post-Xmas debt consolidation remained the most popular reason to take a homeowner loan.

“It’s surprising just how many people are borrowing for different needs,” said Paula Ickinger of Abbey.

“Only two or three years ago, the number of people borrowing for cosmetic surgery would have been very few and far between, but now it’s become a more regular occurrence.

“January is traditionally a time for people to sort out their finances and consolidate debt, which is still the number one reason why people apply for an unsecured personal loan.

“Consolidating various credit card balances and other loans under one roof is usually the best, most cost efficient way to reduce monthly outgoings,” she added.

© Adfero Ltd

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