According to recent research from Moneyexpert.com, as many as 6.6 million UK consumers will not switch to a new credit card deal this year, despite high interest rates on their current deals.
The financial services website found that many credit card consumers won’t switch, despite being on an average interest rate of 16.8 per cent, when compared with 0 per cent of the best transfer deals. Moneyexpert advise consumers to switch now rather than delay and risk the credit crunch becoming even more serious.
Sean Gardner, the chief executive, reportedly commented: "A clampdown in the wake of the ongoing credit crunch could mean successfully applying for a new card may become more difficult - and might already be deterring people from switching."
He reportedly concluded: "It is good to hear that some people are taking action, but worrying that millions will simply add their Christmas debt to their existing debt. Piling debt on debt is simply adding to the spiral of increasing financial trouble."
Credit card holders may not be getting the best deal
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Credit card holders may not be getting the best deal
Wed, 09 Jan 2008
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