Credit card switch for millions

Mon, 07 Jan 2008

Millions of UK consumers will make a New Year’s resolution to clean up their debt by switching to a new credit card provider . The website MoneyExpert.com has published figures showing that consumers are looking for lower rates and promotional offers, and are prepared to leave.

However, despite 2.6 million planning a change, some 6.6 million will stay with their credit card provider. MoneyExpert advisers warned consumers that the credit crunch is making credit card lending more restricted, and many lenders are applying hefty balance transfer fees.

The chief executive of MoneyExpert, Sean Gardner, reportedly commented: "Credit card companies can expect a busy transfer season in January as millions of us wake up to the cost of Christmas before the New Year financial hangover sets in. It is good to hear that 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 . People should be taking action to get their debt under control and the first step towards that is to cut borrowing costs. The next important step is then of course to pay the debt off but transferring a balance is at least a start."
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