Thrifty Loans

According to statistics released from MoneyExpert.com, approximately 5.7million credit card customers have switched providers within the last 6months in a desperate attempt to bring their debts under control.

Roughly 394,000 more credit card customers switched providers in the latter part of 2007 than in the first half.

MoneyEpert’s chief executive, Sean Gardner reckons that customers are switching credit card providers in an attempt to tackle their number one priority, which at the minute is to reduce their debts. He also predicts continued rises in credit card switching, since utility bills are on the increase and consumers are likely to struggle further.

The most likely group of people to switch are the younger set, with 17% of 25-34 year olds having done just that in the last 6months.

Whilst Mr.Gardner recommends switching regularly in order to obtain the best deals, he does also offer a word of caution. Many credit card providers have tightened their lending conditions and a checkered history of previous credit card providers may carry the risk of customers potentially being blacklisted.

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