The use of personal loans is on the rise in the U.S., with about 24 million Americans likely to take out a personal loan in the next 12 months.
Debt consolidation, home improvements and major purchases are the top reasons people choose personal loans. Others include financing a vacation, paying your taxes or paying for medical expenses.
The National Endowment for Financial Education, NEFE, a nonprofit organization in Denver, is warning consumers about the pitfalls of so-called debt consolidation loans. A recent online poll, commissioned by NEFE, found that 75 percent of U.S. adults said they had debt and 51 percent said they were worried about the amount they owed. The poll