Borrowers 'must keep an eye on interest rates'

By Sarah Engle, Wed 25 Aug 2010 - Published in Loans

People borrowing money must keep an eye on the interest rates on the products and compare the best deals, one sector expert has advised.

A spokesman for Candidmoney.com said that spending too much on high-interest products can affect things such as savings, as people are not putting enough to one side for the future.

He noted that many people are currently dipping into their savings rather than taking out high-interest products.

"The combination of higher taxes and public spending cuts will lead to more and more of us feeling the pinch over the next few years, so it's likely an increasing number of people will need to dip into their savings," the representative explained.

His comments follow the release of a report by Schroders, which found that in the past 12 months almost a third of UK adults have drawn on savings and investments to help supplement their income in some way.

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