Big savings to be made by changing deals

Thu, 17 Jan 2008

People could make savings of over £4,500 this year just by switching from near-worst to near-best products, new research indicates.

Moneyextra.com found that wise saving and borrowing could net an individual up to £4,594.86 in 2008.

It gave the example that someone with a £120,000 interest only mortgage could save £3,000 if they changed from the worst product to the best.

Someone with £5,000 in an instant access savings account could be missing out on £300 interest, it added.

And those with a personal loan of £9,000 over five years could save £476.88

Robin Amlot of Moneyextra.com said: "Despite the credit crunch, it's not only possible to make and save more money by choosing the right products, you can make and save even more now than you could three months ago."

According to research by uSwitch, UK consumers owe a total of £222 billion on credit cards and unsecured personal loans .
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