Thousands ‘take on loans to learn’

Thousands of British adults are expected to take on a loan over the coming 12 months in order to fund their ambitions of gaining a new qualification, according to a recent report.

Figures compiled by ICM Research on behalf of Abbey Loans show that around 200,000 people around the country are willing to deal with the potential debt management problems they could face and take on a loan in order to further their education.

The study indicates that a total of around ten million British adults will sign up to an educational course over the next year, many of them aiming to improve their career prospects.

Paul Morrish, head of Abbey Loans, said: “With so many of us planning to undertake an extra curricular course in the next twelve months, it’s clear that Britons have a strong desire to keep on learning.

“As a major high street bank Abbey lends money to enable thousands of Brits to undertake their studies and follow their dreams each year.”

Many British consumers have seen the debt management problems worsen in recent months following five increases in the cost of borrowing since August of last year.