More people are taking out personal loans, figures show

The number of people taking out personal loans increased by 1.9 per cent in seasonally adjusted terms in June, new figures released by the Australian Bureau of Statistics have shown.

According to the organisation, the demand for mortgages was also up by 1.2 per cent during the month and the uptake of business loans was 2.2 per cent higher.

Without doubt, it is encouraging to see that more Aussies feel confident enough to take on a loan of some description and this should benefit the economy in the long term.

Although the figures are clearly heading in the right direction, financial experts still feel there is a long way to go before lending is back to the levels seen prior to the global financial crisis.

Westpac leaders recently told the Australian Associated Press that people have been concentrating on paying off their debts in recent months and it seems that some Aussies are still reluctant to commit to new loans.

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