| Moneynet adds weight to intelligent finance with new | | | | men and 90% of women in the UK have at least one |
| personal finance product guides | | | | credit card, collectively accumulating over £54.3 |
| Moneynet.co.uk, the UK’s longest established | | | | billion of debt. Credit Action, a national money |
| online personal finance information website, has | | | | education charity, states that 50% of the people |
| recently published three online product guides to help | | | | who take out credit in shops, hadn’t planned |
| consumers get to grips with the increasing | | | | to do so when they left home. This is particularly |
| complexity of personal finance products. | | | | serious as store cards often present the highest rate |
| With a strong stance on ethical finance, the company | | | | of interest, indicating either a lack of awareness or |
| felt it was important to be proactive on educating | | | | understanding on the part of the consumer, or worse |
| consumers about the different aspects of credit | | | | a lack of concern about the possible consequences. A |
| related products to get the best deal. This is crucial, | | | | survey published last year by the Office of Fair |
| as a recent report by Credit Action indicates that | | | | Trading showed that whilst 60% of cardholders |
| less than the half of adults are financially literate, | | | | thought they had a good understanding of credit |
| which drops to a third for young adults aged | | | | cards, they were unable to answer specific questions |
| between 21 and 24. | | | | or extract key information, such as the APR, fees |
| According to the National Statistics website, 91% of | | | | for late payment or cash withdrawal. |