Price comparison site Moneysupermarket.com revealed this week that British consumers stand to save nearly £1,000 in the period leading up to Christmas this year if they switch to the best value unsecured personal loans, credit cards, mortgages and insurance policies.
Figures compiled by the website found that if UK households make the switch straight away, by Christmas Day they could have saved some £967.35 in interest and charges. This sum could mount up over a full 12 months to a hefty £5,646.11.
Moneysupermarket.com managing director Stuart Glendinning said: “Many people find the Christmas period costly, so the last thing they’ll want is to be strapped for cash come the festive season. A bit of planning now means they can make some significant savings in time to relish the festive season.”
Mortgage savings were among the largest, with a typical British family able to save £421.14 by Christmas or £2,866.84 over the course of a year were they to switch from a variable rate of 6.9 per cent to a 4.47 per cent fixed-rate home loan.
When it came to unsecured personal loans, the average UK household could save £33.02 in the period up until Christmas Day, or £198.12 in a year, by switching to the cheapest loans borrowing a £7,000 sum.
The best credit card deals offered similar savings. A £2,000 balance transfer to the cheapest card yielded a saving of £64.86 – and when the same amount was transferred from a store card, the saving in interest payments shot up to an incredible £481.18 a year.
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