Wednesday Words of Wisdom
Updated: May 20
When looking at your personal finances, paying attention to interest rates on any agreements or accounts you have will help inform which debt or savings commitments you should focus on.
It is also important to realise there are different types of interest rates quoted on finance agreements. The two most popular are APR % rates which need to be stated on regulated consumer agreements and Flat % rates which are generally provided on finance quotes to unregulated agreements.
Understanding what type of rate is being given to you at initial quotation stage is important if you are looking to compare fairly between providers to ensure you are getting the best deal.