Fool.co.uk: Interest rates 'are negotiable'

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Fool.co.uk: Interest rates 'are negotiable'

Fool.co.uk has estimated that 27 million people in the UK may be paying higher interest rates than necessary on loans and credit cards because they think that annual percentage rates (APRs) are non-negotiable.

The price comparison website conducted a survey which found that over three-quarters of the population do not know that interest rates on credit cards and loans are not set in stone.

According to the poll, only 13 per cent of people have tried to renegotiate the interest rates they pay but 10 per cent of people have done so successfully.

David Kuo, financial expert at Fool.co.uk, said: "If you are unhappy with the interest rate you are paying then it can't hurt to ask for a better one.

"If you don't ask, how do you know you won't get it?"

Recently, a survey by uSwitch.com revealed that interest rates on personal loans are going up, despite the Bank of England's cut in the base rate.

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