Close to half of all credit card users in the UK are unaware of the annual percentage rate (APR) payable on their plastic, new research has found.
In fact, more than a third of all people who use credit card debt around the country are not sure what APR actually means, figures from CreditExpert suggest.
Furthermore, around one in ten British borrowers admit that they have no idea how much money they owe and 20 per cent say they only assess their finances a maximum of twice a year.
But despite these findings, 96 per cent of the people polled said that they are familiar with the state of their finances.
“It’s alarming to see that while almost the entire UK population think they are on top of their finances, many aren’t,” said Jim Hodgkins, managing director for CreditExpert.
A study by Prudential recently found that money and debt management problems are the greatest single cause for concern among UK consumers.
Written by Dan Mather