Nationwide urges loan purchasing 'prudence'

www.moneynews.co.uk > Personal loans > Nationwide urges loan purchasing 'prudence'

Nationwide urges loan purchasing 'prudence'

Fri 1st Jun 2007

Those people thinking of borrowing money to fund a purchase are being encouraged to opt for the lowest rate personal loans.

Research carried out by Alliance & Leicester indicates that although almost two-thirds of Britons are making concerted efforts to remain as debt-free as possible, many still regularly use credit.

Store cards remain popular among consumers, with 50 per cent of consumers saying that they use one.

When buying a car consumers may also be shooting themselves in the foot financially by taking on forecourt finance from a car dealer.

Richard Al-Dabbagh, Alliance & Leicester senior personal loans manager, says: "The research highlights how, despite good intentions, many people don't give careful thought to how they borrow.

"Anyone who is paying over the odds for large purchases on costly store cards or expensive dealer finance should look at how much they could save by moving to a low-rate personal loan," he added.

Related News : Personal loans
	Nationwide personal loans 'great for making dream purchase'
	Sainsbury's Finance: Personal loans rates can vary
	Sainsbury's Finance lauds debt consolidation loans
	'Shop around for competitive loans' this Valentine's Day
	Loan rates 'highest for nine years'
	'Saving to spend' likely to replace credit
	Sainsbury's 7.9% loan still on offer
	Personal loan rates 'falling'
	Sainsbury's: New personal loan rate available
	Changes to credit searches 'need to happen'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases