Brits know more about groceries than their credit cards

March 9, 2007

Shocking new studies have shown that Britons know more about groceries than they do about their credit cards. When asked, only 6% of the people taking the survey said that they were confident in their knowledge regarding their financial products. However is it really that much of a shock?

It is a well known fact that people today take out loans and credit cards without knowing what they are letting themselves in for. They do not read the small print, they do not see anything bad regarding the card and many of them do not even know what an APR is. Credit cards are just seen as a must have accessory and that is the reason that so many people are getting themselves into financial problems with credit cards.

So what will it take for people to start learning more? Well it isn’t entirely the customers fault. In many cases the companies offering these financial products are not giving out enough information. They are telling us what they want us to know and other hidden charges and fees are being left un-talked about. So it is a mixture of customers not reading the terms and conditions and the companies not making things clear enough.

There are plans however to make new laws where credit card companies have to tell their customers more about the products they are offering. No longer will they be able to hide everything from you, they have to tell you everything including the negative aspects of the product. So this will give the customer more options over whether or not to take the credit card out or not.

Overall Britons really do not know enough about credit cards and what they entail and that is why there is such a bad debt crisis. Always read the terms and conditions of a card before signing up and do a little research if you are not familiar with any terms mentioned.