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Swapping services `could save £4,500 in 2008`

21 January 2008

Consumers across the UK can save more than £4,000 this year if they shop around for the right financial products for their situation, new research has found.

In order to avoid getting into a debt management scheme, people can save money by switching everyday products such as mortgages or credit cards, MoneyExtra suggested.

Savings on interest paid on personal loans, current accounts and savings accounts, along with shopping around for travel and home insurance, could lead to significant savings over the next year.

Robin Amlot, of Moneyextra, said: "Despite the credit crunch, it`s not only possible to make and save more money by choosing the right products, you can make and save even more now than you could three months ago."

According to Credit Action, the average household in the UK owed £8,956 in loans and overdrafts at the end of November.

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