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Consumers reluctant to haggle over loans
05 September 2008
A new study as found that despite the current economic climate many British adults are still not prepared to negotiate over financial products.
Research by CreditExpert.co.uk revealed that while 47 per cent of shoppers would haggle over consumer goods just 16 per cent are comfortable negotiating for the best loan deals or any other financial product
Jim Hodgkins, managing director at CreditExpert.co.uk, said: "As many people don't understand financial products in the same way they do consumer goods, they lack the confidence and know-how to be able to get a better deal."
According to Mr Hodgkins, if consumers improve their credit rating it is more likely that they will be offered the best loan deals.
"Reviewing and understanding your credit status can put you in a stronger position as lenders will sometimes give the top rates and deals to those with the best credit ratings," he added.
Those living in Eastern England have the best negotiating skills and are willing to put them into practice, claims CreditExpert.co.uk.
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