‘Brits pay big for not reading the small print’

Debt management problems can pile up if the details of a purchase are not understood by consumers, who can subsequently face unexpected bills for repairs to household goods or electrical items, comparison site Gocompare.com explains.

Insurance arrangement oversights are one area which is proving particularly costly for British consumers and close to 1.5 million find themselves facing unexpected bills after not reading the small print on these kinds of financial arrangements, the latest figures suggest.

Hayley Parsons, managing director at Gocompare.com, said “It’s certainly important to read the small print when purchasing goods, especially for something like insurance where an oversight can leave you in a very difficult and stressful situation should things go wrong.”

A recent report from the Consumer Credit Counselling Service suggested that the UK’s debt management burden is increasingly impacting those among older generations.