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With energy prices escalating steadily, consumers could knock considerable amounts off their utility bills by switching from their areas default supplier.
Such is the claim of Confused, which has warned that billions of pounds is being wasted throughout the country because people are failing to take advantage of cheaper energy packages available in their area. According to research carried out by the price comparison site, collectively the nation wastes 6.8 billion pounds over the course of the year because of a failure to move on to the cheapest tariffs available in individual regions. The group warned that with the credit crunch still biting down, switching over to a more competitive supplier is important for households who are looking to make a saving.
For those who have been unable to cope with the recent price hikes enacted by the countrys utility providers, taking out a debt consolidation loan may prove an effective way to get finances back on course by stretching repayments over a longer period of time.
Meanwhile, Confused urged Brits to make sure they considered their options fully when choosing their energy supplier, with some notable differences between the host provider of individual regions and the best-rate tariff identified. For example, homeowners with EDF Energy in the London Electricity grid district could save an average of 531 pounds a year by switching to the best tariff. Meanwhile, Eastern Electricity residents could save a collective 592,365,361 pounds if they make a move away from host supplier EON towards the most competitive provider.
Commenting on the findings, Gareth Kloet, head of utilities at Confused, said: "In some areas of the UK, up to 80 per cent of the population is still using the host supplier and are therefore spending more money than they need to. Many people shy away from switching, as they think that it will be a difficult process, but it is actually very simple. In fact, if you have not secured a competitive fixed rate, you should look to switch every six months - just switching to an online tariff and paying by direct debit could save 490 pounds per year."
He added that pursuing such habits could help people to "claw back" some of the billions of pounds that are needlessly spent every year on uncompetitive electricity and gas tariffs. For those who feel they are unable to switch energy suppliers because they have a substantial outstanding balance with their provider, taking out a personal loan could allow them to pay the debt off quickly and free them up to search for a more competitive supplier.
Indeed, applying for a loan for the purposes of debt consolidation may be of interest to a growing number of people. According to figures published recently by financial services provider Abbey, 41 per cent of consumers now put paying off bills at the top of the list of their priorities for money management. Meanwhile, fewer than one in ten (nine per cent) said their biggest current concern was making sure they were putting enough money aside for the future.
Abbi Rouse writes for All About Loans. Our visitors can apply online for car loans, we also specialise in cheap loans, and debt consolidation loans.
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