Tuesday, January 29, 2008

Britons 'Should Invest Time' Into Reducing Financial Pressures

Britons 'Should Invest Time' Into Reducing Financial Pressures
Those consumers struggling with their finances following
the festive period should look to switch to more
competitive deals, it has been suggested.

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. 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.

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. This could lead them to
have more disposable income each month.

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? 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. 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 10,000 pounds, with
payment protection 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. Thus switching to
a cheap UK loan mid-term, it was stated, would save such
borrowers 974 pounds 52 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.
Meanwhile, switching utility suppliers could leave Britons
more than 230 pounds better off.

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". 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".

Those looking to get a stronger grip on their finances,
meanwhile, may wish to consider applying for a
consolidation loan. 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.
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 6.9 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.


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Abbi Rouse writes for All About Loans. Our visitors can
apply online for poor credit secured loans. We also
specialise in cheap loans, and the cheapest consolidation
loans online. Visit today http://www.allaboutloans.co.uk/

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