Big budget month day 25: switch insurance, mortgage, cards and loans

Big budget month day 25: switch insurance, mortgage, cards and loans // Big budget month day 25: switch insurance, mortgage, cards and loans
Big budget month day 25: switch insurance, mortgage, cards and loans
Big budget month day 25: switch insurance, mortgage, cards and loans
By spending a bit of time shopping around, you can save a serious amount of money on financial products.
So far in the Big budget month series, we've looked at how you can make savings through fairly quick lifestyle changes, such as ditching your TV subscription and cutting back the amount you spend at the supermarket.
Now let's look at how much you save by switching financial products. This can be a bit more time consuming, as you need to find the deal that's right for your circumstances, as well as one that saves you money.
We talk about this type of thing all the time, but it's worth reiterating just how much you can save for just a few hours' effort. So we have.
Save an easy £1,000 on your credit card
Paying £300 per month at 19.4% will cost you £1,190 in interest. If you switch to a 0% balance-transfer credit card deal for a 3% fee and continue paying £300 per month, you'll pay just £230 in costs, saving £960.
* Compare 0% balance transfer credit cards
Use a loan to consolidate, not exacerbate
From all the surveys I've read over the years, it seems most people who take out consolidation loans, which rounds up all their debt into one monthly payment, go on to rack up even more debt. If you consolidate your debt, it still exists. It doesn't mean you should use your newly cleared credit cards to spend even more.
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