Brits 'don't know' about their credit card rights

15/12/2008

Millions of customers don't know basic details about their credit arrangements, a financial website has found.

Fool.co.uk said that a quarter of people don't know how much interest they're paying on their cards and loans.

Meanwhile, three-quarters don't even know that they can haggle with their provider over interest rates on credit - while just 13 per cent have tried to negotiate.

David Kuo, financial expert at Fool.co.uk says: "Credit card providers have done a great job peddling the idea that the interest rates they charge are one of the unchangeable facts of finance.

"Consequently, many people believe that the interest rates they are offered cannot be altered. But nothing could be further from the truth."

He added: "If you always pay off your credit card balances in full, then APRs are irrelevant. But if you don't, then you are probably paying more than you need to.

Tags; Debt Management and Banking, Credit Card Lifestyle,

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