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4.9% From the Top and an Outrageous 8.5% Thereafter, Please Carol

I’m just going to admit it. I’ve always been a bit of a Carol Vorderman fan, even though that’s probably far from cool these days. But she does make it increasingly hard to defend her right to admiration while she continues to blaze a dusty trail of somewhat unscrupulous personal loan advertisements.
The latest advert in which she appears has been labeled a ‘debt trap’, encouraging vulnerable homeowners into unmanageable levels of debt.
The secured loan advert, for a company called ‘First Plus’, offers an attractive low interest rate of 4.9% for the initial 90 day period of the loan, after which the rate increases to a staggering 8.5%.
The lesson, as always, is to look out for such tricks and be fully aware of the complete terms of the loan before entering into any agreement.

May 18, 2008 at 2:11 pm | Secured Loan | No comment

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