Dental Work Among Most Common Reasons to Take out a Loan in Darlington
Dental work is one of the most common reasons to take out a loan in the North East, research has suggested.
Data from Darlington Credit Union shows that more and more people are borrowing money to pay for dental treatment. Car repairs and weddings were also cited as common reasons to take out a loan.
The latest survey revealed significant changes since previous research carried out in 2010. The top 5 reasons for taking out a loan then included paying for Christmas presents, DIY and home repairs, paying for holidays and clearing debt.
Chief executive of Darlington Credit Union, Tony Brockley, said that the study shows major changes in the way we spend our money. In just five years, there has been significant diversification in trends and new sources of expenditure have emerged. More and more people are borrowing money for denture repairs and dental work, for example. People are also taking loans out to cover the cost of weddings. Mr Brockley said that it was important for the credit unions to provide a supportive role to those struggling with cash flow problems and those hoping to invest in new ventures or consolidate existing debts. He also added that the organisation is hoping to expand and diversify in line with the government’s plans increase the influence of credit unions as a more mainstream financial lender.
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