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Personal Loan Education

14/01/2010

For many years personal loans have not been very popular and many people have favoured credit cards. However that may be changing. Fixed-term borrowing for cars, boats and travel has jumped 38 per cent since its low point in November 2008.

All the growth in personal loans have come from banks who have increased their personal lending by 57 per cent while non-bank institutions have seen their lending decline by 13 per cent. Loans for new cars were up 8 per cent, loans for boats up 19 per cent, and unsecured loans for blocks of land were up 50 per cent.

The Australian Bureau of Statistics figures, released yesterday, also show a modest 6 per cent growth in credit card and personal revolving credit limits. Over the year to November, commercial lending is down 8 per cent, despite the 4 per cent jump in November.

Source: The Age

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