Careful product choice can save money
October 31, 2007 by admin
Filed under News, News-Banking
Making shrewd financial decisions can still save people money, even in times of tightening credit markets, according to Moneyextra.
The company has revealed that consumers can save a total of £4,225.46 every year by replacing near-worst with near-best financial product, representing a £250 increase in savings available from last year.
Mortgages were among the areas where savings could be made, despite seeing a decrease after global credit crunch, with potential annual savings at £2,586.
Robert Amlot at Moneyextra, commented: “Choosing the right mortgage can help keep your wallet healthy and make the difference between running up other debts and remaining solvent.
“The potential savings on your mortgage account for more than 61 per cent of the total savings to be made.”
He added that while personal loan rates are competitive, lenders are increasingly strict and good deals are generally only available to people with excellent credit history.
“Shopping around for the right savings products can pay dividends,” he said.
