Finance group Alliance and Leicester have commented that many people taking out debt consolidation loans could save massive amounts by taking the time to learn more about Annual Percentage Rates (APRs).
The group believe that people are paying over the odds when it comes to interest rates on personal loans.
A&L have also stated their typical APR of 5.9 per cent is amongst the most competitive, commenting: "People are overpaying for uncompetitive personal loans and how much the big high street banks rely on borrower apathy and lack of financial understanding is staggering."