Loans and Finance

Loans and Finance


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Wednesday, October 24, 2007

Lack of Understanding

A study by CreditExpert reveals that most people have a "worrying" lack of understanding about the financial impact of rising interest rates on mortgage payments.

An astonishing 70% of those questioned did not know the effect of a 0.5% interest rate rise on a £100,000 mortgage.

The study also revealed that 80% of five mortgage holders do not know what their Annual Percentage Rate (APR) was.

Given this appalling level of financial ignorance in the UK it is hardly surprising that the banks, credit card companies and other organisations within Britain's lousy financial services industry treat their customers with such contempt.

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