Bank loyalty leading to debt difficulties?

Individuals could be placing themselves at risk of debt difficulty by remaining loyal to their bank, it has been suggested.

New figures released by moneysupermarket.com revealed consumers in the UK may be paying up to £2,814 more by sticking with just one lending institute.

The portal noted a customer who shops around for the best deals would save £300 over the current best offers from their own banks.

Kevin Mountford, head of banking at the comparison website, said most people would prefer to keep their finances simple.

“Banks rely on this apathy among their customers so they don’t have to work very hard to make sure they provide the best deals to their own base,” he added.

Mr Mountford recently stressed the importance of shoppers being sensible with their credit card purchases, especially if they are looking to transfer a balance and pay the fees off over a longer period of time.

By Joe Shervin