Compare secured loans and credit, to avoid overpaying
Almost 50% of UK consumers are paying over the odds for credit, suggests a new study.
One of the UK’s leading banking institutions has discovered that British credit shoppers are paying through the nose, as a result of not being thorough enough in their search for competitively priced financial products. The most prominent areas for concern are said to include credit cards, secured loans and a host of various different insurance products.
Interestingly, the study also revealed how gender can play a significant part in determining the effectiveness of individual credit shoppers. The results showed that women appear to be the worst at spotting bargain when it came to sourcing competitively priced secured loans and credit cards, with approximately 2/3rd’s admitting that they often got a bum deal. On the other side of the coin, around 1 3rd of men fall short when it came to buying credit.
Geographical location also appears to split the results quite heavily. Of those surveyed, residents in the north of the country appeared to be paying considerably more for such products as personal loans and credit cards than their southern counterparts.
Commenting on the survey, one expert suggested that British consumers would do well to review their financial commitments come 2008. Essentially, in order to ensure that borrowers are getting the best possible deal, it is important to compare a multitude of similar products, before any type of commitment is made.
