Switching accounts ‘may tackle debt’
Britons looking to tackle their personal debt may do so by switching accounts, it has been suggested.
The British Bankers’ Association (BBA) advises that banks are making it increasingly easy for customers to switch to a different account if it better suits their circumstances.
For those looking to tackle debt problems, a move to an account with more favourable terms and conditions could be one method to adopt.
A spokesperson for the BBA claims: “Banks are making it easier for people to switch accounts if they want to do so.”
“Banks always try to tailor their products to customer demand,” she adds, although she warns that this does not mean increased competition will lead to greater affordability among accounts.
The BBA previously urged that more should be done to provide financial products which can help individuals to tackle their personal debt.
Figures obtained by the association show that more than £4 billion in mortgage lending is approved by British banks every ten minutes.
Consumers could welcome the suggestion that switching accounts can provide a debt relief solution.
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