It's not too late to save up in time for Christmas, says moneysupermarket.com.
The financial comparision website says UK consumers could save over £600 in the run-up to Christmas by opting for more competitive deals on their credit cards, personal loans, savings accounts and insurance.
A spokesperson for the financial website said: "The Christmas period, despite all its jollities, is notoriously costly for many and with consumers failing to prepare, plan and save financially for the event it can mean that their Christmas is less than merry.
"By reviewing their basic finances consumers can make some significant savings in time for the festive period."
Moneysupermarket.com says borrowers could save over £2,000 a year on mortgage payments by switching to a more competitive lender like Portman Building Society.
The financial website also says consumers could save almost £200 a month by transferring debts to a card like Halifax One Visa card, which has over a zero per cent interest rate for the first 12 months.
The Citizen's Advice Bureau (CAB) says the first three months of the New Year are its busiest, as people have to face up to the reality of their festive over-spending.
They warned many people transfer existing credit card debt to a card with a zero per cent introductory rate in an attempt to solve their financial problems.
However, many end up using both cards, making their debt situation even more desperate.
British consumer total current debt is £1 trillion.To read more about Savings Accounts, click here.
© Adfero Ltd