Meanwhile, Switching Utility Suppliers Could Leave Britons More Than 230 Pounds Better Off

Category: Finance, Credit.

Those consumers struggling with their finances following the festive period should look to switch to more competitive deals, it has been suggested. However, it was suggested that Britons should look beyond changing their plastic cards, but also attempt to make savings on the likes of UK personal loans, utility bills tariffs and insurance premiums which, if carried out effectively, could save them hundreds of pounds over the course of a year.

According to Moneyfacts, now is the ideal time for the thousands of people who are now facing up to the full extent of their overspending during the Christmas season to transfer from expensive credit cards to more cost- effective products. In moving to more competitive offers borrowers may find that they are able to pay off loans, credit cards and household bills with greater ease. The company reported: "It s easy to get carried away in the run- up to the festive period, but when reality hits home and you see the size of your January credit card bill, rather than doing nothing and paying a fortune in interest charges, why not see it as a kick up the backside to switch your credit card to a cheaper deal? This could lead them to have more disposable income each month. Whilst you re sitting in front of your PC saving money by switching your credit card, invest a bit more time and see where else you can save. Thus switching to a cheap UK loan mid- term, would save such, it was stated borrowers 974 pounds 52 pence.

So rather than just being a rate tart on your plastic, why not be an energy and insurance tart as well? " According to the firm those who switch to a more competitive deal on a personal loan of 10, with payment protection, 000 pounds insurance attached, could discover their annual repayments fall to 2, 468 pounds 88 pence, down from a previous cost of 3, 443 pounds 40 pence. In addition, it was claimed that moving to cheaper home and car insurance policies could generate savings of 121 pounds 99 pence and 113 pounds 25 pence respectively over the course of a year. Suggesting that many companies rely on their customers being apathetic and staying with their products and services, Moneyfacts urged people to become proactive and to make 2008 a year" to line your own pockets instead" . Meanwhile, switching utility suppliers could leave Britons more than 230 pounds better off. And despite claiming that it just takes a few hours to change financial offers and so bring savings worth hundreds of pounds" it s surprising how many can t be bothered to switch from uncompetitive banking, insurance and utilities products" . In taking out this type of low cost loan, borrowers may be able to merge numerous demands on their finances into a single low- cost monthly repayment. Those looking to get a stronger grip on their finances, may wish to, meanwhile consider applying for a consolidation loan.

Indeed a cheap consolidation loan could be of particular assistance to those who are concerned about their capacity to pay bills. A report carried out by MoneyExpert earlier this year indicated that 9 million demands for repayment have not been met since June 2007, with council tax and utilities two of the most likely areas where a statement will either be paid late or missed out altogether.