Consumers urged to look for best loan deals
Published On 4 February 2008
Consumers could save over £500 a year by switching to a more competitive deal on financial products like loans and insurance.A study by MoneyExpert.com found that the average household could save an impressive £547 per year by switching to more competitive financial deals.
Almost half of this saving (£204 per year) could be from opting for a better interest rate in an unsecured loan, the study added.
What's more, the research indicated that only 16 per cent of all households had managed to secure the best possible deal on five important financial products.
"With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs," commented Sean Gardner, the website's chief executive.
"Typically, UK consumers are paying out £150 per year more than they need to. I'd urge people to spend just a few minutes online to review their finances."
Recently, Rachel Lacey, editor of Moneywise personal finance magazine, suggested that consumers could think about using an unsecured personal loan to consolidate existing debts.
