Most people have to think about borrowing money at some time in their lives.
Students often take out loans to pay their way through university.
People usually have to borrow to buy a house or a car. Credit cards, loans and mortgages are part of everyday life in Britain. Repaying the loan When you borrow money you arrange to pay it back over a fixed time. You also have to pay interest. Every month you pay 120 until the debt is paid.