The findings reflect a high percentage of people who are currently in debt to lenders, of which some are struggling to pay back.
(PRWEB UK) 6 March 2013
According to consumer group Which, 79 percent of people are currently using some form of credit. The results show that around 38.5 million adults owe some form of debt from mortgage to credit cards. The study also found that half of people who used a payday loan or dipped into an unauthorised overdraft said they had been rejected for credit in the past year.
Which Executive Director, Richard Lloyd added, ‘It’s time for a crackdown on irresponsible lending, especially for high cost lenders who are exploiting consumers struggling in the current economic climate.’
Cost.co.uk is dedicated to bringing the best deals all in one place. The comparison site provides advice, tips and the ability to compare offers on the market on a range of sectors including insurance, finance, travel and utility. A representative added, ‘The findings reflect a high percentage of people who are currently in debt to lenders, of which some are struggling to pay back. As a consumer based site we recommend looking closely at terms and conditions of loans as well as interest and APR rates. All details, advice and what to do if you are struggling with debt is available on our website.’
Cost.co.uk continues to follow consumer based news closely.
Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customer’s access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.