Lenders ‘upping their loan rates’

Many of the UK’s most prominent money lenders are increasing the rates of interest they charge on their personal loans, it has been claimed.

According to a report from Moneyfacts, close to half of all the finance firms in the UK have changed the rates relating to their personal loans and in most cases the alteration was upward.

For many people, these changes have made it more difficult to become
debt free and some are mistaking the rates advertised by lenders as “typical” for the one being actually offered on all associated deals.

With this and other potential pitfalls in mind, Moneyfacts has urged credit consumers to be aware of what deals are on the market and to shop around for the best arrangement available.

Meanwhile, David Kuo from Fool.co.uk recently urged people with debt management problems around the country not to hide their difficulties and to seek help from appropriate sources.