People who take out unsecured loans may find they are a real burden on their day-to-day lives, without even realising it.
Anna Sofat, Founder of Addidi, revealed that even overspending by small amounts or purchasing holidays on credit cards can have an adverse impact on personal finances.
"There was a culture of buy now and pay later but this is changing and has been changing since 2008, as credit is much harder to come by," she continued.
Ms Sofat emphasised that in many cases, people are thinking twice before making purchases as they wonder how they will repay the loan.
Recent research from uSwitch.com shows that women's love of fashion causes them to accumulate debts of over £13 billion.
Of those polled, 74% revealed they use a combination of credit cards, storecards, overdrafts and loans to feed their addiction, while 41% will ignore their overdraft limit when making purchases.
Source: uswitch.com
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