Use internet to limit financial confusion, experts say

Wed, 15 Feb 2006

The potential for confusion with financial products has increased dramatically, according to one financial expert.

David Elms, the chief executive of the representative body of independent financial advisers IFA Promotion, says: "The scope for confusion with financial products has grown significantly."

He says the internet is "a good place" for consumers to start looking around for more information on financial products, but: "There are a number of areas that need to be explained."

Those shopping around online for a personal loan are being urged to be fully aware of their options.

A spokesperson from the Citizens Advice Bureau (CAB) advises them: "Shop with your eyes open."

The CAB believes people should look for "competitive interest rates" and compare personal loans on the annual percentage rate on offer.

"You should try to get information on any other possible fees and charges - like what happens if you miss a payment," the spokesperson concludes.

The Economic and Social Research Council revealed that the level of personal debt in the UK increases by £1 million every four minutes.

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