Qualified advisers answering your
Financial Questions
call 0800 092 1245

Brits have to be persuaded to borrow

Although many people frequently utilise credit to fund various purchases, 62 per cent of Brits say that they are hesitant about borrowing and need to be persuaded, new research shows.According to Alliance & Leicester, 50 per cent of borrowers with expensive store cards do not look to take one out, but simply do so when offered at point-of-sale.When shopping for cars 42 per cent of people in the UK admitted to taking up a financial package from a dealer purely for reasons of convenience.Only 12 per cent of borrowers research and plan their credit, using borrowing in an appropriate way to fund major purchases such as a property or car.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."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details