- 09
- May
Borrowers need to be fully aware of the interest they are paying on Loans, an industry expert has advised.
According to Stephen Rose, director of the Debt Advice Bureau, consumers tend to "glaze over" the paperwork that comes with their loan application, which usually incorporates rates of interest payable and conditions to making loan repayments.
He said: "[There's] an issue of financial awareness and financial responsibility on the part of borrowers, so that they’re fully conversant before they sign with what is involved and what it entails."
Mr Rose added that borrowers, particularly those taking out unsecured Personal Loans, should be especially cautious of payment protection insurance as it is often a "prime example" of consumers incurring charges which they are unaware of.
Speaking on BBC Radio Five Live in April, Peter Spencer from the Ernst & Young ITEM Club suggested that unless Britain continues its culture of personal loan borrowing then interest rates are set to rise.
Interfinancial providing you with breaking loans news.
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