That is according to moneysupermarket.com, which claims that through management and transfers of credit card debt, loans, insurance, utility bills and other products, consumers can put on pounds in the new year.
Stuart Glendinning, managing director of the website, said: “People should always review their finances on a regular basis. However, the new year may be just the trigger many need actually to do it.
“And for those suffering a financial hangover from the festive period, recovery could be all the quicker if they follow some simple switching tips.”
He added that savings can be “significant”, with a typical family enjoying savings of £5,168.93 through good financial and debt management.
While many advisers recommend that people rein in their spending as part of their debt management, Mr Glendinning said that for those where this is difficult, the savings he predicts can be made without major changes to a lifestyle.