/24-7PressRelease/ - LONDON, UK, February 02, 2007 - A recent study has found out that many consumers are not even aware of the annual percentage rates (APRs) on loans they are taking out, resulting in millions of pounds of extra payments. January is one of the busiest months in the loan market with record number of loans being taken out.
The ever growing debt mountain has resulted in many UK residents to seek out personal loans as an alternative financial solution. With over 20 percent of people aiming to reduce their debts within the first three months, there has been a proliferation of loan products in the financial market.
This trend has had its share of controversy with experts raising concerns whether high street lenders would be offering competitive rates to the consumers. Richard Al-Dabbagh of Alliance and Leicester comments: "With many more people starting to feel the pinch and tighten their belts, a good first step is to look around for a good personal loan...It might only take five minutes and could save you hundreds of pounds."
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