Article preview: If you borrow money using a credit card, personal loan, overdraft, mortgage or any other lending facility, then it’s essential that you understand how interest is charged. The APR – or Annual Percentage Rate – is a commonly accepted way of expressing annual interest charges on debt. Yet, according to new research, only around a third of UK adults could correctly identify what an APR is, including its purpose and how it should be used.
You need to know this important financial concept
This 556-word blog post looks at new research into a lack of understanding of the term APR when borrowing money. Written on 12th January 2021.
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