Nearly one-quarter of Americans have taken out a personal loan since the coronavirus pandemic took hold in March 2020, according to a survey conducted by Ipsos for Forbes Advisor, with home improvement projects the leading reason why.
Approximately 25 percent of survey responders said they used their personal loans to fund home improvement projects. Forbes also said 70 percent of Americans tackled a home improvement project during the pandemic.
After home improvement, the next most common responses were to pay medical bills (21 percent), debt consolidation (20 percent), financing a vehicle (20 percent) and auto repairs (20 percent). Note: Numbers do not total 100 percent as some surveyors may have answered multiple reasons.
Forbes noted that income levels and family size were factors in personal loan usage. Families with children were more likely to say they used their personal loan to