Most of us borrow money at some time or other - perhaps a mortgage to finance the purchase of a house, a loan to buy a car, credit cards or a bank loan.

These arrangements can be very complex and difficult to understand, so Trading Standards have a role in regulating lending using the Consumer Credit Act.

If you are thinking of borrowing, York Trading Standards offer the following advice.

- Shop around for credit - some forms of credit have very high APRs (this is the Annual Percentage Rate and an indication of how much you pay to borrow the money). APRs are shown as a percentage (eg 13 per cent) and the lower it is the better. Remember variable rates can go up or down

- Look at the total you have to pay each month, how many months you will have to pay this amount for and the total amount payable. Look at your budget and make sure you can afford this

- Interest free deals may look enticing but the cash price may be higher and there may be hidden costs

- Be aware of your rights or seek advice. You should get copies of the agreement and if you sign 'off trade premises' you will be entitled to a short cooling off period when you can change your mind. Similarly, if a trader's visit is unsolicited and an agreement is signed at your home then there is a cooling-off period in which to cancel. Otherwise you are likely to be bound by what you have signed unless the lender or the lender's agent has not yet signed the agreement.

If things go wrong York Trading Standards can look at your agreement and check if it has been properly drawn up. If it has not the trader may not be able to enforce it. We can check the APR and other calculations to ensure you were not misled and advise you how resettlement figures are calculated.

We cannot, however, undo an agreement which you have entered into which is legally correct, but which you have second thoughts about or which has a high rate of interest (only a court can decide if an interest rate is extortionate, and this is rare indeed).

- For further advice about credit or any other consumer matter contact York Trading Standards. The telephone number is 01904 551562 and they are located at 9 St Leonard's Place. The fax number is 01904 551511 and the e-mail address is tradingstandards@york.gov.uk