Spring clean for finances advised

A financial spring clean has been suggested to people who want become debt free or get the best savings deal.

Kevin Mountford, head of savings and current accounts at price comparison website moneysupermarket.com, warned against consumer apathy when it comes to select loans and other financial products.

“This time of year a spring clean of your finances is just as good as a spring cleaning as anything else,” he commented.

Whether people are borrowing or saving money, taking the time to consider what they are getting with their financial products could pay off for consumers.

“I think people really need to make the effort,” said Mr Mountford.

Research by moneysupermarket.com earlier this year suggested failure to switch to more competitive loans, mortgages and other financial products was costing British consumers some £243 billion.

The site’s managing director, Stuart Glendinning, said “considerable savings” can be made if people take the time to seek out the best deal.