Consumers 'ready to switch' for better loan deals
Published On 25 April 2007
New figures show that consumers are increasingly prepared to switch providers to get the best deals on financial goods and services - such as loans, credit cards and insurance.Data published by consumer website MoneyExpert showed that approximately 917,800 switched their loan to a new provider in the last six months.
Over 450,000 more people changed their loan deal in the last quarter than did so in the same period in 2006.
Similarly, 14 per cent of people said that they had changed their credit card in the last six months and one in ten revealed they had switched home insurance provider over the time.
"It seems more and more people with personal loans are looking to take advantage of some great rates out there at the moment," said Sean Gardner, the chief executive of MoneyExpert.com.
"Of course, switching out of a poor deal is a good idea but consumers should be wary of changing just for the sake of it. You need to search the market carefully and choose the right product for you – let's not forget that the cheapest deal isn't always the best deal."
Recently, customers of some utility suppliers have been urged to switch to a different provider to take advantage of recent price cuts.
