Thursday, January 14, 2010
Category:
Personal Finance Tips
According to research conducted by Gocompare.com, 41 percent of consumers have not switched financial services or utility providers during the past year.
Such providers include those that offer car insurance, home insurance, energy, broadband, mobile phones and credit cards.
Furthermore, the research uncovered that one in five Brits have commenced 2010 with serious worries regarding their finances, and one in four feel that they ‘urgently need to make savings’. The most significant financial concern of the New Year, for 37.4 percent, is reported to be bills and the increasing cost of living. Nevertheless, Gocompare.com points out that millions of people are still yet to switch providers.
Findings show that a potential 21 million drivers could find less expensive car insurance. In fact, Gocompare.com has revealed that their customers could save an average sum of £211 by comparing policies and switching.
Business development director of Gocompare.com, Lee Griffin, commented: "Comparison sites make it extremely easy to compare all manner of products and services from car insurance to credit cards. Whilst lots of people have become committed comparers and switchers our research shows that millions of consumers could still be paying more than they should for things like insurance and energy because they stick with their existing provider without checking out the competition. In our experience the only reward you get for loyalty is a higher price than you'd pay as a new customer so shop around for the best deals and if your existing provider seems expensive, switch."
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Homeowners who have resolved to re-organise their finances this New Year could consider taking out a secured loan to tie up any existing debts that may be proving expensive each month. One of many finance options available, a secured loan for debt
consolidation could leave borrowers with a single monthly repayment that is lower than the sum of their current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
