Personal loan switching 'could yield substantial savings' - 04/02/2008

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New research suggests that UK consumers are paying too much for their financial products.

According to MoneyExpert.com, 84 per cent of adults in Britain could find a cheaper deal on at least one of their monetary arrangements, with the typical household missing out on savings of up to £547 a year.

Home insurance, car insurance, mortgages, personal loans and credit cards are cited as the areas that consumers could save on if they shop around, with personal loans said to be the source of the largest potential saving.

The typical borrower could save £204 on their borrowing by switching to a better-value deal, the price comparison website asserts.

Sean Gardner, the online portal's chief executive, notes that the growing cost of living means that shopping around is particularly important this year.

"With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs," he remarks.

Although not everyone will save the maximum £547, Mr Gardner maintains that spending a "few minutes" reviewing financial products should be a good move for anyone.

Scottish Power has this week announced a price hike on its standard tariff, while BT has raised costs on its Option 1 and Option 2 landline deals.

© Adfero

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