Loans customers should shop around.
08 September 2009
When looking for finance, it is important to shop around for the best deal, it has been stated.
According to lovemoney.com, people should be aware of their options - whether they are after a secured loan, credit card or unsecured loan.
Recent research from Datamonitor''s Financial Services Consumer Insight survey showed half of UK consumers have confidence in their own bank.
It revealed 50 per cent did not trust their lender, although only one in ten would actually switch to another.
Commenting, lovemoney.com head of consumer finance Ed Bowsher explained the failure to provide good quality products has resulted in the negativity.
"What consumers need to be doing now is looking at the whole market as too often they have a longstanding relationship with their bank and carry on taking more products from them and allow themselves to be cross-sold by staff in the bank," he said.
Recent Financial Services Authority figures show complaints to banks rose by almost a third to 1,003,000 in the last six months of 2008, compared to the first half of 2006.
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