With consumer debt at a record high, it might be easy to assume people are overextending themselves by taking lavish vacations or even too many trips to the local coffee spot.
Yet a new study shows that the top reason people apply for personal loans is a bit more mundane, if not alarming: to cover daily living costs.
About a third of applicants (34 percent) seeking one of these loans cite household expenses as the reason for needing to borrow, according to the SuperMoney study.
"It's not really a good reason to apply for one of these loans, but there are a lot of people scraping by day to day, and they use the loan as a cushion," said Miron Lulic, founder and CEO of SuperMoney. (Click on graphic to expand.)