UK Money News
12th December 2007
Many people 'do not know their credit card rates'
Higher numbers of people are experiencing credit problems because they do not appreciate the effect of interest rates on their borrowing.
According to Thomas Charles, the lack of knowledge people have about such personal finance matters makes it easier for them to get into trouble with debt.
James Falla, director of the firm, states: "In reality, most people don't actually know what rates they're paying.
"Very few people, in my experience, would consider the actual rate of interest on the card, which obviously is not a very good thing."
He added that most people, when questioned, state that they simply took the help with money offered to them rather than seeking out a good deal.
In other money news, Credit Action's most recent evaluation of personal debt indicates that in October the collective figure stood at £1,391 billion for UK consumers.
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