Around one in six young British consumers switched their credit card provider in the second half of last year in an effort to bring their debt management problems under control, it has been claimed.
Research by MoneyExpert.com has found that 17 per cent of all credit card users aged between 25 and 34 in the UK switched providers during the second six-month period of 2007.
The price comparison firm behind the recent research into Britain’s credit card switching habits has insisted that almost all consumers who spend on plastic could save money or reduce their debt problems by changing to a more competitive deal.
Sean Gardner, chief executive of MoneyExpert.com, said: “The increase in credit card switching means that people are concentrating more on reducing debts and are less concerned about other product areas.”
Last week, the UK’s payments association Apacs revealed that close to £11.3 billion in credit card debt was accumulated around the country over the course of December 2007.