UK Money News
30th June 2008
Brits' charge cards preferences changing
Britons looking to take on loan debt are being hit by increasingly higher repayment rates, a new survey has shown.
In a study of the secured loans sector conducted by financial information site Moneyfacts.co.uk, the best rate currently on offer was found to stand at 7.2 per cent.
This compares with a rate of 6.1 per cent 12 months ago for the best value product on the market.
The higher rate means that a borrower with a £10,000 loan over five years would pay back £472 more over the life of term.
Michelle Slade, an analyst with the site, said the trend can be attributed to tough operating conditions for banks and building societies, which have resulted from the credit crunch.
She said: "Just like with mortgages, lenders are struggling to raise funds to lend out to consumers. As a result this increase is being passed on through the APR offered.
"With many lenders offering typical rates or personal pricing, it is likely that many customers are being offered a much higher rate."
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