Consumers urged to consider all credit options

The Irish Financial Services Regulatory Authority has said thousands of euro of consumers' money is being wasted on hire-purchase agreements when cheaper credit options are available.

The financial regulator's new guide to small loans has said as much as €1,000 could be lost on a €10,000 loan.

While it may be quicker and easier to take up a credit offer in an electrical or furniture store, the message is a personal bank loan may be better value.

Sharon Donnery, Deputy Director of Consumer Information at IFSRA, said it is important to shop around.