Household budgets are stretched thin and Americans are increasingly turning to small personal loans of $2,500 or less to cover the basics.
A new national survey from Credible reveals that borrowing for essentials has become a financial lifeline for many families.
Key findings:
- 1 in 5 Americans took out a small loan in the last year
- 35% used the borrowed funds for rent, groceries, or utilities
- 48% borrowed unsure they’d be able to repay
- 1 in 7 expect to need another loan next year just to make ends meet
Despite Federal Reserve rate cuts this year, 65% say they’re hesitant to borrow because they believe interest rates are rising, a major disconnect that could drive costly borrowing decisions.
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