Convenience wins over value for many
New research from Alliance & Leicester has revealed that half of British consumers (50%) will use expensive store cards when shopping simply because they were offered the credit and it was convenient.
Furthermore, 42% admit to taking our car finance from a dealer at the time of purchase rather than shopping around.
Richard Al-Dabbagh, Alliance & Leicester Senior Personal Loans Manager, said: “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.”
The research also revealed different attitudes to borrowing between men and women:
One in three women (32%) favour using an overdraft – compared to one in four men (25%)
More than one in 10 women (11%) regularly use store cards – compared to less than one in 20 men (4%).
More than one in five men (21%) has opted to sign up for a car showroom finance deal – compared to one in seven (15%) women