According to a recent report by Alliance and Leicester, as many as 62 per cent of people have admitted to being reluctant borrowers who only choose credit, such as car finance, when it is convenient.

AL surveyed a range of consumers and found that 42 per cent of those questioned opted for their vehicle finance because it was offered to them. Searching for a more competitive quote was ignored in favour of the easiest deal.

The senior personal loans manager at Alliance and Leicester, Richard Al-Dabbagh, reportedly commented: The research highlights how, despite good intentions, many people don't give careful thought to how they borrow. Anyone who is paying over the odds for large purchases on costly store cards or expensive dealer finance should look at how much they could save by moving to a low-rate personal loan .