Some motorists could also save an average of £924 a year by refinancing their cars.
Brits with multiple debts could consolidate their debts and reduce their total repayments by more than £1,600 a year through ReFi powered loans on the Experian Marketplace.
London, 23 March 2026 – New data from Experian, the data and technology company, reveals that British households could save £2,881.20 this spring by reviewing their current financial products and switching to more competitive deals.
As households begin their spring cleaning routines, Experian is reminding consumers not to overlook their finances. New data from the company suggests that car refinancing and switching credit card balances to a 0% balance transfer card could reduce the overall cost of borrowing - depending on individual circumstances. For those with lower eligibility wanting to consolidate multiple debts, ReFi enabled loans could reduce the total amount repaid by more than £1,600 a year.
To highlight the impact that switching could have on people’s wallets, Experian has calculated the savings people could make by switching to more competitive deals.
Balance transfer cards
Experian data suggests that credit card holders paying interest could save an average of £289.20 a year by switching their existing balances to a 0% balance transfer card, depending on their eligibility.
The average active card balance in the UK is £1,869 according to Experian data. A customer with this balance, paying the minimum monthly payment of 5% (£94) with the average APR of 24.65%, could save £530.20 if they were to transfer their balance to a balance transfer card with a 22-month interest free period, which works out to be £289.20 per year.
Car refinancing
Data from lenders on the Experian Marketplace suggests that a motorist with around £11,100 outstanding on their car loan, who took out a five year agreement at approximately 18% APR and has been repaying it for six months, could cut their monthly repayments by up to £77 by refinancing 7.9% APR, depending on eligibility. With 54 months remaining, current repayments of around £301 per month could fall to £224 per month if refinanced over a new five-year term. That’s a potential saving of up to £924 a year, although actual savings will depend on individual circumstances and any applicable fees.
So with car finance often arranged over several years, reviewing agreements regularly may help households avoid paying more interest than necessary.
Debt consolidation through ReFi
For those with lower eligibility, Experian’s ReFi enabled loans are designed to enable them to consolidate multiple debts into a single, affordable repayment. Typically, those who combine debts of around £8,000, ReFi enabled loans can reduce monthly repayments by approximately £139 and cut the total amount repaid by more than £5,000 over the term of the loan –working out to be £1668 per year.
Unlike traditional consolidation loans, ReFi settles existing debts directly with creditors, meaning lenders assess only the new loan. This removes the issue of “double counting” and may improve access to affordable credit for people facing barriers to debt consolidation.
John Webb, Head of Consumer Affairs at Experian, said: “Household budgets continue to feel stretched, so many of us are exploring ways to help make ends meet. One way to reduce your outgoings is trying to move existing debt to cheaper deals, such as car refinancing, 0% balance transfer credit cards or consolidation loans.
“Keep in mind that balance transfer credit cards often come with a small fee, so make sure you factor that into your calculations. It’s also worth remembering that with some consolidation loans, you might end up paying more interest overall or extending the length of your loan. Always do your research to make sure that any switch is the right choice for your circumstances before committing.
When you’re looking to switch debt and save, free comparison services like Experian can be useful. You’ll be able to check your eligibility and find the deals you’re more likely to be accepted for, without damaging your credit score. If you take any new credit, make sure you make the payments on time, so you don’t impact your credit score. If you can figure out a way to pay any extra during a promotional period, you might be able to clear your debt sooner.
And if you are struggling with repayments, or falling behind, it’s a great idea to speak to a free debt advice service like StepChange or Christians Against Poverty who can help support you.”
Ends
Notes to editors:
[1]
Calculations by Experian Marketplace on Balance Transfer cards. Savings claim is based on Experian’s bureau data that shows £1,869 as the average active card balance per person in the UK.
A customer with this balance, paying a 5% minimum (£94) at a 24.65% APR, could save £530.20 by switching to a 22‑month 0% balance‑transfer card paying the same 5% min payment (£94). This works out as £530.20 ÷ 22 = £24.10 saved per month, equivalent to £24.10 × 12 = £289.20 per year.
24.65% APR is the current average APR according to the Bank of England database
[2]
Data from Experian Marketplace lenders, February 2026.
Representative savings are illustrative and based on anonymised lender data from the Experian Marketplace panel. The example compares a typical customer with £11,100 (the average amount on the Experian panel) outstanding on a five‑year car finance agreement taken out at an APR of around 18%, after six months of repayments, refinancing to an APR of 7.9% over a new five‑year term. Average APRs on the Experian Marketplace panel for car refinance products are currently around 9.0%, while 7.9% reflects rates available from specific lenders on the panel. Actual rates, eligibility and potential savings will vary depending on individual circumstances, credit profile, lender criteria and any fees associated with refinancing. Savings are not guaranteed and applicants may not be offered the example rate
[3] Experian marketplace data, September 2025. A customer taking out a ReFi enabled loan on the Experian Marketplace has saved over £5,000 in interest over the term of a 36-month loan.
£5000 ÷ 36= £138.889 – monthly saving rounded up is £139
£139 × 12 = £1668 – monthly saving x 12 to get the yearly saving
Media contact:
Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I
Tel: 07816192572 / Email: eliza.odire-boadi@experian.com
About Experian
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