Americans Borrowing for Home Improvement

New York, NY, March 20, 2015—More Americans are making home improvements and taking out loans to do it, reports MarketWatch.

A February SunTrust bank survey of over 1,200 homeowners revealed that while the percentage of Americans who plan to invest between $5,000 and $10,000 in home improvements hasn’t changed much from the 57% figure of 2014, the percentage of people who are putting their improvements on a credit card has jumped from 21% to 30%.

In addition, the number of Americans who will use personal loans to fund home improvements increased from 6% a year ago to 7% in 2015.

Twenty-seven percent of those surveyed report that they are not renovating with the intent of selling their home, while 8% said they are doing it to improve their home’s value and marketability.