Credit card customers off in search of better rates

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Credit card customers off in search of better rates

As credit card customers struggle to control their debts some 5.7 million of them have switched providers in the last six months, according to MoneyExpert.com.

In total 394,000 more credit card customers switched providers in the second half of 2007 than the first.

Sean Gardner, chief executive of MoneyExpert.com, suggested that the increase in customers switching their credit cards shows that people are primarily concerned about reducing their debts at the moment.

"With bills increasing across the board it would not be a surprise to see further rises in credit card switching in the next six months as consumers struggle to cope," he added.

Young people were the most likely to switch, with 17 per cent of 25 to 34-years-olds having switched credit cards in the past six months.

Mr Gardner recommended switching on a regular basis to get the best deals, although he also said that this may not always be the answer to debt problems.

Analysts have recently warned that customers could face being blacklisted by their credit card company as they feel the squeeze of the credit crunch.
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