Credit card holders unhappy

11/06/2007

Credit card users throughout the UK are not very happy with their credit card provider.

USwitch.com put forward data showing that nearly 6.6 million credit card customers were not happy with their credit card and are in two minds of either terminating the card or switching to another credit card provider.

Most card holders feel that credit card providers are charging too much interest. Due to these high interest rates it is making life difficult for credit card holders.

Mike Naylor, financial expert at the website commented, "Credit card companies are relying on customer lethargy, and, with over half of consumers never comparing their existing deal with the rest of the market, clearly people are playing directly into their hands."
"Year on year the number of people falling into this trap grows as more is lured in by their existing bank or building society’s cross-selling tactics."

Results from Credit Action indicated that the average UK customer has £4,537 total via debts on their credit cards, anything from retail and motor finance deals, to personal loans