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Do you monitor financial interest rates?

While the vast majority of the UK population will have a loan, overdraft or mortgage (or possibly all of them) how many of us actually monitor the interest rate applicable to a particular debt?

The truth is that many of us have no idea what interest rate we are being charged at the moment on a variety of different loan vehicles but we just continue to make the repayments as a matter of course. However, there have been significant changes in the UK banking sector over the last 18 months and many banking operations are out of sync with each other with some offering high interest rates and others are offering relatively low rates.

It is therefore essential that you make use of the Internet to find the best rate for your particular need and if possible refinance your debt at lower levels. The Internet has taken away much of the paperwork traditionally associated with bank account movements and the situation is relatively straightforward nowadays. You could literally save yourself hundreds if not thousands of pounds a year simply by checking out the more competitive interest rates available and taking the necessary action where appropriate. However, it is vital that you take professional advice before rearranging any of your financial assets.

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