Borrowers 'do not check interest'

Sam Jackson

April 25, 2011

November 13, 2018

Borrowers 'do not check interest'

More than half of Britons do not bother to find out how much interest they are being charged when they borrow money, a survey has revealed.

Some 52% of people who had taken on debt through a credit card, loan or overdraft admitted they had not checked what the interest rate was.

This meant that 65% of people got a shock when they saw how much they were being charged, and 21% of those surveyed said they later regretted borrowing the money.

The most popular method of borrowing was credit cards, with 72% of people getting into debt through this method, while 43% had taken out a loan and 39% had gone overdrawn.

Eight out of 10 people still owed money, with 32% describing their debts as serious, according to a poll of 1,201 people by discount website MyVoucherCodes.co.uk.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said: "Interest rates and APR are something that any borrower should be fully aware of before signing up for anything.

"Some interest rates and APR are set extortionately high and it's a shame that many people are tricked into a false sense of security."

Sam Jackson

Money Dashboard

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