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'Idiot taxes' cost consumers money and could lead to debt problems

'Idiot taxes' cost consumers money and could lead to debt problems

- Friday, 13 August 2010

So-called 'idiot taxes' are costing the nation £4.4 billion a year and this wasted money could be spent on solving debt problems instead.

According to Msn Money, British consumers are wasting money on 'idiot taxes', which means that these costs could be avoided and often occur due to silly mistakes.

The most common reason for wasting money is to replace a broken or lost mobile phone. Doing this costs the nation £2.4 billion a year in total.

If a consumer had phone insurance they may avoid having to fork out to pay for a new phone, which in turn could give them extra money to put towards any debt problems they may have.

Simon Ward, Msn's Money senior editor, said: "Ensuring we are keeping on top of basic costs and trying to keep a more watchful eye out is key to saving money in the long run."

Another common mistake that can cost consumers money is putting the wrong fuel into their cars, which can cost £100 to fix. In total one in ten drivers admitted to doing this.

Halifax also found that people are losing their change in a variety of places including down the back of the sofa. The amount lost could be as much as £42.9 million.

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