Switching providers 'can lead to financial deals'

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Switching providers 'can lead to financial deals'

Switching providers across a range of sectors, including insurance, credit cards, loans and utilities, can help consumers save large sums and shift their new year debt hangover more easily.

With thousands of people facing large bills this January following festive overspending and energy price hikes, Personal finance information site Moneyfacts advises consumers to examine their finances this month and identify where savings can be made simply by switching providers.

The website suggests that: "If offered the possibility of improving your bank balance to the tune of a few hundred pounds for a couple of hours' work, I'm sure most people jump at the chance, but it's surprising how many can't be bothered to switch from uncompetitive banking, insurance and utilities products."

According to Moneyfacts, savings ranging from £113.25 a year on car insurance, to £559.73 over the year by switching gas and electricity companies, £325.24 on credit card balances of £2,500 switched to a cheaper deal and a whopping £974.52 on a personal loan of £10,000 with PPI.

Sainsbury's Bank head of cards, Donald Macleod, claims that new year debt is not a "massive problem" for most Britons, with many benefiting zero per cent credit card deals, which help them to clear post-Christmas debt quickly and easily.
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