UK consumers becoming savvier, says moneysupermarket.com

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UK consumers becoming savvier, says moneysupermarket.com

Tue 1st Sep 2009

Pater Harrison, head of credit cards at the price comparison website, made his comments after the publication of data by Credit Action, which showed that total lending in July fell by some £0.6 billion.

This reflected a net repayment for the first time in the debt statistics series.

He said: "UK consumers are definitely being savvier with their borrowing and many consumers are using the low-rate environment to overpay on their mortgage borrowing."

Mr Harrison explained that many people are also making the most of the range of "excellent" zero per cent credit cards that are currently on the market.

He concluded by stating that moneysupermarket.com's advice is to shop around for the best offer possible on any financial product, noting that there are some "excellent" deals to be had for those people who have good credit histories.

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