Credit Cards -
Credit card switching tempts more customers - 25/03/2008
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Figures from a recent survey have shown that more Brits are switching credit cards in a bid to beat the credit crunch.
MoneyExpert.com claim that 5.7 million consumers have changed cards in the last six months to reduce their debt overhang. Lower interest rates appear to be the preferred attraction, with 0% purchase and balance transfer deals giving added breathing space on payments.
A MoneyExpert offical said: "With bills rising across the board it would not be a surprise to see further rises in credit card switching as consumers struggle to cope."
There also appears to be ever increasing gaps between lenders over the most appealing card rates. The Barclaycard Simplicity Visa Card appears very tempting with a interest rate of just 6.8 per cent. In comparison the Halifax Classic Mastercard looks anything but a masterstroke with rates at a wallet busting 27.9 per cent.
Such a move will not solve debt problems, but it can save you a fortune is the face of higher living costs. Sticking to an expensive card could prove costly, because the longer you leave the change, the harder it will become to switch when the deals dry up.
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