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Switching energy supplier 'can beat credit crunch'
14.07.2008
Consumers can beat the credit crunch by switching their energy suppliers, it has been reported.
Asda Financial Services has highlighted the example of billionaire Lakshmi Mittal, who it says could "save a small fortune" by changing the gas and electricity supplier on his three London properties.
It states its research shows people living in more modest properties can also make "sizeable" savings by switching suppliers.
Asda Financial Services spokesman Gideon Ingham says many customers are "paying well over the odds" for their gas and electricity.
He adds: "By switching to a more competitive supplier they can often save hundreds of pounds."
Consumers were recently advised by Skipton Financial Services they should transfer any credit card debts to cards with zero per cent rates in order to "recession-proof" their finances.
The organisation said if consumers are not on a zero per cent deal on their credit cards, they are likely to be paying more on monthly interest payments than any gains they are making on savings held elsewhere.
Asda Financial Services has highlighted the example of billionaire Lakshmi Mittal, who it says could "save a small fortune" by changing the gas and electricity supplier on his three London properties.
It states its research shows people living in more modest properties can also make "sizeable" savings by switching suppliers.
Asda Financial Services spokesman Gideon Ingham says many customers are "paying well over the odds" for their gas and electricity.
He adds: "By switching to a more competitive supplier they can often save hundreds of pounds."
Consumers were recently advised by Skipton Financial Services they should transfer any credit card debts to cards with zero per cent rates in order to "recession-proof" their finances.
The organisation said if consumers are not on a zero per cent deal on their credit cards, they are likely to be paying more on monthly interest payments than any gains they are making on savings held elsewhere.