Got the post Christmas credit card blues - why not invest a little time to knock ALL your finances into shape?
Andrew Hagger, head of news and press at Moneyfacts.co.uk shows just how much consumers can save, not only on their credit card, but also on their energy and insurance bills whilst they’re at it.
“In the last couple of weeks thousands of people will have taken a sharp intake of breath when they realised the extent of their Christmas overspending as their latest credit card bills hit the doormat.
“It’s easy to get carried away in the run up to the festive period, but when reality hits home and you see the size of your January credit card bill, rather than doing nothing and paying a fortune in interest charges, why not see it as a kick up the backside to switch your credit card to a cheaper deal?
“Whilst you’re sitting in front of your PC saving money by switching your credit card, invest a bit more time and see where else you can save. So rather than just being a rate tart on your plastic, why not be an energy and insurance tart as well?
“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.
Institutions rely on consumer apathy to boost their profits, so why not make 2008 the year to line your own pockets instead?”
Here’s some real examples of savings you can make at www.moneyfacts.co.uk
|
Existing annual cost |
New deal |
Annual Saving |
1. Car Insurance |
£287.00 |
£173.75 |
£113.25 |
2. Home Insurance |
£310.00 |
£188.01 |
£121.99 |
3. Gas & Electricity |
£790.00 |
£559.73 |
£230.27 |
4. Overdraft £1000 |
£199.90 |
Nil |
£199.90 |
5. Credit Card £2500 balance |
£387.74 |
£62.50 |
£325.24 |
6. Personal Loan £10,000 with PPI |
£3,443.40 |
£2,468.88 |
£974.52 |
Source: Moneyfacts.co.uk 22.01.08. |
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Notes
- Car Insurance – Mazda 3 2.0 TS2, value £7,000, annual mileage 11,000, fully comprehensive cover with additional named driver. Postcode NR32. Premium £287 Axa Insurance compared with Admiral at £173.75.
- Home Insurance - 3 Bed Detached house Buildings £150k and contents £50k. £304.23 Legal and General (£50 excess) compared with the AA £188.01 (£100 excess)
- Gas & Electricity standard dual fuel tariff with British Gas compared with click 4 tariff with British Gas post code NR32
- Comparing overdraft with NatWest current plus at 19.99% and Alliance and Leicester premier Direct at 0% for first 12 months (assuming funding of £500 per month)
- Comparing Smile standard rate credit card at 18.9% APR with Abbey 0% for 12 months with 2.5% balance transfer fee.
- Personal loan and PPI from Northern Rock for £10k over 5 years at £286.95 per month compared to Sainsbury’s bank loan at 6.5% APR £195.01 per month plus PPI from paymentcare.co.uk at £10.73 per month.
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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