Consumers show loyalty to credit card providers

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Consumers show loyalty to credit card providers

Fri, 08 Jan 2010

Consumers have failed to "switch on to switching", despite admitting the need to make savings.

Less than 11 per cent of people switched credit card balances over the past 12 months, missing opportunities to save money by shopping around on price comparison websites for the best interest free deals, new research undertaken by gocompare.com has shown.

Lee Griffin, business development director at gocompare.com, advocated the use of comparison sites to ensure consumers don't overspend.

"Our research shows that millions of consumers could still be paying more than they should … because they stick with their existing provider without checking the competition," he said.

Mr Griffin added that consumer loyalty can have a detrimental effect over a period of time and he advised customers to switch if they felt they could do better elsewhere.

Figures compiled by Credit Action show that the average borrowing per UK adult via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans had risen to £4,708 at the end of November 2009.