People 'could save' by switching financial products
Published On 20 March 2007
Brits who do not bother to make sure that their financial products - such as their mortgages and credit cards - are competitively priced, could be 'wasting' over £5,000 a year.That is according to the consumer website, moneysupermarket.com. The website has calculated that, in total, people in the UK are wasting £243 billion every year by not opting for the 'best' financial options.
Making sure that their mortgage is the most suitable option could typically save a British borrower £2,401 a year, while ensuring their personal loans are competitive could save £168.60 annually.
Similarly, taking advantage of improved credit card deals could produce savings of £305.
"A family with a typical financial portfolio could save a staggering £5,185.85 over a year by moving away from uncompetitive products," explained Stuart Glendinning, the managing director at moneysupermarket.com.
"Simply by reviewing their existing finances - mortgage, credit card, personal loan, savings, home insurance and motor insurance (amongst other things) and searching for better deals they can make considerable savings."
Separate research from the website revealed that nearly three-quarters (73 per cent) of consumers would think about switching their credit card if they believed they could get a better deal elsewhere.
