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Bank charges: People do not understand interest rates, expert claims

People currently looking to make a bank claim may want to garner an understanding of interest rates as many consumers do not understand this element.

Richard Sorsky, money advice co-ordinator at the UK Insolvency Helpline, the largest professional network of lawyers and accountants specialising in money advice in the UK, claims that people do not do enough research before taking out a credit card or loan.

He said: "This has always been our big complaint - people still don't understand the interest element. Although it's well stated, people are always with the attitude, 'I don't care about the interest rate because I always pay my debt off every month anyway'.

"Obviously, they go into it with that intention, but then the bill comes and they think, 'I'll just pay a quarter of it off this month'."

Mr Sorsky added that very soon people find they have unexpected expenses to pay.

His comments follow research by, which found Brits will spend the first 45 days of 2011 working just to pay off the interest on their debts.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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