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Moneynet adds weight to intelligent finance
with new personal finance product guides
Moneynet.co.uk, the UK's longest established
online personal finance information website, has
recently published three online product guides
to help consumers get to grips with the
increasing complexity of personal finance
products.
With a strong stance on ethical finance, the
company felt it was important to be proactive on
educating consumers about the different aspects
of credit related products to get the best deal.
This is crucial, as a recent report by Credit
Action indicates that less than the half of
adults are financially literate, which drops to
a third for young adults aged between 21 and
24.
According to the National Statistics website,
91% of men and 90% of women in the UK have at
least one credit card, collectively accumulating
over £54.3 billion of debt. Credit Action,
a national money education charity, states that
50% of the people who take out credit in shops,
hadn't planned to do so
when they left home. This is particularly
serious as store cards often present the highest
rate of interest, indicating either a lack of
awareness or understanding on the part of the
consumer, or worse a lack of concern about the
possible consequences. A survey published last
year by the Office of Fair
Trading showed that whilst 60% of cardholders
thought they had a good understanding of credit
cards, they were unable to answer specific
questions or extract key information, such as
the APR, fees for late payment or cash
withdrawal.
There are currently three guides available on
http://www.moneynet.co.uk, covering credit
cards, mortgages and loans. In addition to
explaining the different aspects of credit
application, moneynet also offer a glossary of
key terms in the resources section to help
visitors gain a complete
understanding of the best product for their
needs. Further guides are due to be published
later this year.
About the Author
Moneynet.co.uk is the UK's longest
established, online personal finance research
and data website.
E-mail: INFO@MONEYNET.CO.UK
Telephone: 020 8313 9030
Website: http://www.moneynet.co.uk
ADDRESS: Moneynet
Sussex House
8-10 Homesdale Road
Bromley
Kent
BR2 9LZ
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