Consumers are increasingly shopping around for the best rate before taking out a loan
or entering into a deal, a study has found.
Nearly two-thirds of respondents to an Alliance & Leicester survey said they were "reluctant" borrowers who tried to avoid debt as much as possible.
However, a significant proportion were still in at least some level of debt, despite their professed aversion to borrowing.
Richard Al-Dabbagh, Alliance & Leicester personal loans manager, said the research revealed that "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
," he added.
He also went on to advise consumers considering applying for a loan to visit the Alliance & Leicester's website, where they can take advantage of a loan calculator to plan their finances and repayments.
In related news, debt charity Credit Action has said that student loans contribute to a debt culture among young people in Britain.
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