Clear information in credit agreements called for

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Clear information in credit agreements called for

Fri 14th Oct 2011

UK consumers should be calling for clearer information when it comes to the credit agreements they are signing, ensuring that they are aware of the levels of interest they will be paying on any borrowings.

David Fox of The Word Centre said Brits need greater transparency at the point of sale for financial products, while consumers also need to understand that there is more to comparing credit card deals than looking at the typical APR of deals.

He commented: "I think if people realised just how much they could end up paying in interest they would demand the sort of information I'm calling for."

Liz Dunscombe, director of project and partnership development at Credit Action, also recently argued that Brits should take careful consideration before entering into any credit agreement - especially in the present financial climate.

She claimed individuals should remember to create a budget each month and they should not rely on credit to make up any shortfall in their income.

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