Brits could save billions by switching personal loans, expert claims

Wed, 20 Dec 2006

UK consumers could save a collective £5.6 billion by switching to lower-cost personal loans in 2007, according to one expert.

By opting for lower-rate personal loans, Britons could take steps towards getting their finances in order, with the new year being the ideal time to begin this process, claims uSwitch.

Globally, the company states that switching financial services - such as credit cards or personal loans - could save £12.8 billion.

However, uSwitch warns that fewer providers are offering personal loans at below six per cent interest, with seven lenders providing these deals.

Nick White, director of financial services at uSwitch, comments: "With interest rates changing so quickly it's important that people keep an eye on their personal finance products to ensure they are getting the best deal."

He added that some banks will offer "best-buy deals" for a limited period of time, with consumers not switching away when this period ends.

Stuart Glendinning, managing director at Moneysupermarket.com, warned that consumers should read the small print when taking out personal loans, or risk an interest rate rise at any time.


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