14 August 2008
Shoppers looking to invest in a new wardrobe or make some home improvements this autumn should ditch the store cards and opt for a low rate personal loan instead, it has been suggested. According to Alliance and Leicester Personal Loans, one in four UK consumers own a store card, despite paying an average of 26% interest on purchases. The temptation to make initial savings and take advantage of what appear to be great deals by signing up for a store card could leave many shoppers paying over the odds, the organisation warns. Mark Boyle, Personal Loans Manager at Alliance & Leicester, said people who have amassed large amounts of debt, through store cards or otherwise, should consider consolidating them with a low rate personal loan, which will make repayments more manageable and less expensive. "With the same day funds option, the loan is paid into your current account within a matter of hours - thus enabling borrowers to use the funds with immediate effect," he remarked. Figures from Credit Action reveal that total UK personal debt stood at £1444 billion at the end of June 2008.
Sometimes a personal loan is a good choice, perhaps you want to consolidate your credit cards or buy a new car. Whatever your needs, let uSwitch.com help you find one to suit. We're impartial and comprehensive and won't charge you for using our service. Compare personal loans and apply online.
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