British households ‘wasting’ hundreds of pounds

British households are wasting hundreds of pounds each year by failing to secure the most competitive personal finance deals available to them, it has been revealed.

With millions of people around the country struggling to become
debt free, research from MoneyExpert has found that the typical UK household could be saving almost £550 per year by being more financially savvy.

Much of the money being wasted is going toward the servicing of personal loan and credit card debt, where significant savings can be made by securing the best deals on the market, the price comparison firm reports.

Sean Gardner, chief executive of MoneyExpert.com, said: “With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs.

“Our analysis shows potential savings of up to £547 are on offer from reviewing basic financial products and that would be a major boost for household budgets.”

The latest figures from Credit Action show that the overall personal debt burden in the UK has risen by around £120 billion over the past 12 months.