Brits urged to review all financial products

Posted 2008-01-28

People reviewing their credit card arrangements should also consider looking for better deals on their other financial products, it has been suggested.

Research released last month by the Financial Services Authority revealed that 24 per cent of people between the ages of 16 and 44 were nervous about dealing with their festive spending but according to one expert, it can be the kick-start some people need to get them to take action.

Andrew Hagger, head of news and press at Moneyfacts.co.uk, said: “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.”

He explained that as well as taking the chance to switch to cheaper credit card deal, people should “invest a bit more time” and look at other areas where they might be able to make savings, including insurance cover and utility bills.

“If offered the possibility of improving your bank balance to the tune of a few hundred pounds for a couple of hours work, Im sure most people jump at the chance, but its surprising how many cant be bothered to switch” Mr Hagger commented.

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