Consumers ‘need to sort out finances in 2013’

The new year offers consumers the perfect opportunity to get their finances in order.

Individuals may find they overstretch themselves over the Christmas period and this could act as the precursor to adopting a more responsible approach when it comes to money.

If people do not make positive changes to their way of life, then it is highly unlikely they will be able to become debt free.

Analysis from MoneySupermarket has shown that by reviewing their financial situation and switching to the most competitive deals for items such as mortgages, car insurance and personal loans, consumers could save up to £2,260.

Kevin Mountford, head of banking at the price comparison site, said: "As we head into 2013, the impact of further austerity measures and rising bills will be leaving many households on the financial precipice. Now, more than ever, every penny counts."

He added everyone should set some time aside to put their financial house in order.

By Joe White