Savings can be made by contrasting different types of financial product just as price comparison on other goods and services can be of assistance, it has been noted.

A spokesperson for Consumer Direct suggests that Britons should identify the most suitable products for their needs by comparing the benefits of a number of deals.

This could lead individuals to select debt consolidation loans in order to reduce their monthly repayments.

Or those with assets could prefer homeowner loans, which can release the equity held in property.

According to Consumer Direct: "The Office of Fair Trading did a shopping internet study which was published earlier this year."

"Shoppers could be saving between £150 million and £240 million each year by searching more effectively," the spokesperson explains.

Britons who do so may find they could benefit from debt consolidation loans, homeowner loans or other forms of lending.

Obtaining expert advice could be advisable for consumers who are unsure of which is the ideal solution for them.ADNFCR-1287-ID-18386008-ADNFCR

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