Borrowing For Holidays and Wed...


Borrowing For Holidays and Weddings Increases

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We're borrowing more for holidays, weddings and education.

And for the first time, home improvement loans have surpassed those for new cars.

Lenders handed out €142 million euros in loans for nuptials, education and trips abroad in 2022. The figures from the Banking and Payments Federations says there's been a massive spike in personal loan drawdowns. They're up by almost 19% in a year to €1.6 billion euros.

Brian Hayes from the Banking and Payments Federation says the move away from Covid was a big driver.

''I think people when they saw what happened in Covid, they stood back from making decisions. I think once they saw the yearly affect with the withdrawal of restrictions, they got more confident with their financial decisions and they also got more confident with the future.''

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