Take steps towards becoming debt-free this spring
Take steps towards becoming debt-free this spring
- Tuesday, 2 March 2010Consumers are being encouraged to become
debt-free this spring by taking charge of their finances.
Clare Francis, site editor for comparison site Moneysupermarket.com, said there were a number of savings to be made simply by switching to the best deals on their financial products.
This includes deals on mortgages, personal loans, car and home insurance, credit cards and utilities.
"After months in the cold and dark, spring is just round the corner and what better time to take charge of the family's finances by checking to see that you're making the most of your financial products," she said.
"There are some really easy savings to be made, just by spending half an hour reviewing where you're at financially."
Mortgages account for the biggest financial commitment, and with the base rate at an all time low now may be the time to consider a long term fixed-rate deal, said the organisation.
A household with a £150,000, two year mortgage from Yorkshire Building Society fixed at 3.09 per cent, could save £1634.76 a year against the average standard variable rate of 4.69 per cent, the website claims.
Likewise, if a £2,000 debt on a credit card at the average rate of 18.52 per cent is switched to a card offering zero per cent interest on balance transfers during the introductory period, this amounts to an annual saving of £264.11.
Separate research by Markit Economics and YouGov reveals that Britons' finances continue to come under pressure due to the rapid pace of inflation.
Almost 60 per cent of households said prices for goods and services had increased during February, and a third claimed to be pessimistic about their personal finances over the next 12 months.
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