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Consumer loans and credit from credit cards are both money that can be used for whatever you want. Here we will look a little closer at what actually people use this money for. The figures are from 2015 so the use may have changed a little since then.
We see that most common use of credit cards (from most use to least).
Most of the use of credit cards is the act of consumables, followed by travel and extra buffer purposes. Using credit cards to act in the daily of different types of goods on which there is a bonus can be a way to save money / earn bonus points so that it is the most popular use is not surprised. The fact that credit cards are popular for travel use is probably due to the fact that it is safer (for fraud abroad) and that credit cards often provide travel insurance when at least 50% of the trip is paid with the card. Many also have credit cards as extra buffer and use it when needed, but it doesn’t have to be often.
The most common use for the money you borrow with consumer loans is as follows.
Here are also consumer goods on top (consumer loans -> consumables) that seem quite logical, but have read somewhere else that 60% of consumer loans are used for refinancing so I’m not quite sure if this or that is right. These figures are from back in 2015 so it may have changed. Here, at least, “repayment of other debt” in second place comes as probably the most used to collect and refinance small loans and credit cards at lower interest rates. That many use consumer loans as extra buffer seems a little surprising to me. If it is taken beforehand to have an extra buffer then one should rather be able to save so take up the loan when the money possibly needed. Almost as many use the consumer loan to travel and vacation. Renovation is also common area of use.