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 people who gave struggled to keep up with the price increases enforced by the countrys energy suppliers, applying for a debt consolidation loan could be one way of getting your finances back on track by paying your debts over a longer period.
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 parts of the UK as many as 4 out of every 5 people is using the default supplier and therefore spending more than is necessary. 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. Slightly more than 1 in 4 people now place paying their bills as number 1 priority when managing their money, according to the latest figures from Abbey. In the meantime, only 1 in 9 said their main concern was ensuring that they put enough money to one side for their future.
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Abbi Rouse writes for All About Loans where visitors can apply for UK
loans online and also focuses on UK
personal loans, and secured UK loans for UK residents.
