Sorting out your personal finances can be a tricky and
exasperating time. Whether you are looking to obtain money
through a loan, protect your finances with life insurance,
medical, travel or car insurance, save some money through
an individual savings account (ISA), apply for a credit card
or a mortgage, change a telephone or fuel utility supplier,
or simply decide what the best current account is for your
needs, the choices are seemingly endless as well as being
extremely complicated. They can also be potentially serious
if you get it wrong. With so many options, and so many
companies trying to get you to use their product, it is
difficult to know where to turn.
The first method of working out your own finances is to
review your needs and compare the products on offer to meet
those needs. You could, if desired, visit the banks one by one,
burning calories and shoe leather by doing so. Alternatively
you may have heard of the World Wide Web, its like a sort
of big and commercial version of Narnia and you dont have
to go through your wardrobe to get there. And no freaky men
with goats legs
not without a login and password anyway.
So, we present the concept of financial product comparison
sites, which have been around in the UK since 1997, when
small company called moneynet decided to break up the monopoly
in the personal finance market. Over the past eight years,
there has been an explosion in the number of UK sites seeking
to provide information to enable consumers to make informed
decisions on their personal finances. These sites provide free
consumer financial product comparison services for credit cards,
insurance, investments, savings accounts, mortgages, loans, as
well as gas and electricity bill suppliers. Additional consumer
information services are also often provided such as financial
guides, financial newsletters and personal finance calculators.
Moneynet, in particular, has a tool which allows registered
users to manage all of their accounts online securely,
including credit cards, savings accounts and current accounts.
You can also obtain financial advice from an independent financial
advisor, but this is an expensive way of doing what could be done
for free with a little effort. If you do your own homework, then
you can use your time with an advisor more effectively by asking
informed questions. Youll have a better understanding of what
youre being sold if youve done a little bit of homework first.
Article written by Rachel Lane. |
