Shop around for cheaper deals

Many UK citizens feel the enormous financial pressure due to the recession. Huge loan and credit card debts, reduced wages, and higher everyday expenses, have made thousands of households struggle to manage their finances.

In spite of this fact, many of these people are not searching for the best deals of their financial products, as it was revealed in a recent survey carried out by Gocompare.com. Thus, they actually end up repaying much more than they need to.

The survey has shown that about 27% of consumers didn’t opt to switch any of their financial products over the course of the past twelve months, which includes looking for a more competitive mortgage, the least expensive car insurance, gas and electric provider, or better loan options for consolidating their current loan and card debts.

Furthermore, nearly 32 million customers had not bothered to check their financial products since taking them out, to find out if there was a chance to get cheaper interest rates.

About 41% of the respondents admitted that their financial health was much worse than a year ago and around 25% acknowledged that they needed to cut their spending. As surprising as it may seem, it didn’t occur to many of them that they would be better off if they considered shopping around for a cheaper loan, or other financial products.

In these turbulent times, many people erroneously think that their existing financial products are the best and there is no need to look for cheaper products because it is impossible to find affordable products on the market now.

John Miles of Gocompare.com says that one can save hundreds of pounds annually by taking control of one’s finances.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.