With the credit crunch making loans and credit cards harder to get hold of, experts are warning consumers to stay clear of companies that offer quick loans with huge interest rates.
Unfortunately, those that are being targeted by such groups are people who are already dealing with debt. Short term loans have come on the market with 1000% interest, meaning people have to pay a huge fee to get just a small amount of money.
One credit card company is also offering their plastic with an APR of 150% which could quickly lead to minor debts becoming huge financial problems.
Independent financial experts are warning consumers to make sure they check exactly how much interest they stand to pay in order to secure their finance.