Moneynet adds weight to intelligent finance with new personal finance product guides

Moneynet.co.uk, the UK’s longest established online personal finance information website, has recently published three online product guides to help consumers get to grips with the increasing complexity of personal finance products.

With a strong stance on ethical finance, the company felt it was important to be proactive on educating consumers about the different aspects of credit related products to get the best deal. This is crucial, as a recent report by Credit Action indicates that less than the half of adults are financially literate, which drops to a third for young adults aged between 21 and 24.

According to the National Statistics website, 91% of men and 90% of women in the UK have at least one credit card, collectively accumulating over £54.3 billion of debt. Credit Action, a national money education charity, states that 50% of the people who take out credit in shops, hadn’t planned to do so when they left home. This is particularly serious as store cards often present the highest rate of interest, indicating either a lack of awareness or understanding on the part of the consumer, or worse a lack of concern about the possible consequences. A survey published last year by the Office of Fair Trading showed that whilst 60% of cardholders thought they had a good understanding of credit cards, they were unable to answer specific questions or extract key information, such as the APR, fees for late payment or cash withdrawal.

There are currently three guides available on the moneynet.co.uk website, covering credit cards, mortgages and loans. In addition to explaining the different aspects of credit application, moneynet also offer a glossary of key terms in the resources section to help visitors gain a complete understanding of the best product for their needs. Further guides are due to be published later this year.

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About moneynet.co.uk:

Moneynet.co.uk is the UK's longest established, online personal finance research and data website. The company offers consumers a choice of thousands of low cost financial services products. From mortgages, personal loans to motor, home and medical insurance, credit cards, savings accounts and best buy fixed rate products, Moneynet is one of the most comprehensive online services of its kind in the UK. Founded by chief executive Richard Brown, the Moneynet brand is destined to become one of the UK's major players in consumer finance products.

Press enquiries:

Richard Brown, Chief Executive, 0208 313 9030
Rachel Lane/Richard Green, bigmouthmedia, 0845 130 0022

Consumer enquiries:

0208 460 2833 / www.moneynet.co.uk

Resources:
http://www.moneynet.co.uk/
http://www.creditaction.org.uk/
http://www.oft.gov.uk/default.htm
http://www.statistics.gov.uk/