Money News
As a nation we're in the dark about our finances, according to new research released by CreditExpert.co.uk. The survey reveals that despite 96% of us claiming to be familiar with our current finances, when questioned further it appears that many of us don't have a clear picture of our credit commitments.
The research also shows that just 26% of us can accurately state how much we have left to pay on our loans, while 20% admit to only planning finances once every six months or less. Meanwhile, one in ten of us admit to having no idea about how much debt we are in.
As well as being unaware of what's going on in our credit accounts, a significant proportion of us are also unclear about the APR (annual percentage rate) we're charged on credit cards, loans and overdrafts. Whilst most of us know our overdraft limit, the study showed that 36% of the population are unsure what APR is. The lack of APR awareness is even more marked when it comes to credit cards, with 48% of the nation unable to recall the APR on the cards they hold.
Also evident is that the Great British public aren't confident when it comes to applying for loans. 23% expect to be refused a loan of £1,000, 42% don't believe they could secure a loan of £10,000 and 66% think that they would be refused a loan of £30,000.
04 June 2008 © Moneyextra.com
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