Best credit deals 'sought by consumers'

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Best credit deals 'sought by consumers'

Tue 2nd Mar 2010

According to Moneyfacts.co.uk spokesperson Darren Cook, consumers are generally "more financially aware" than they were before the credit crunch began and are shopping around in search of better products in the marketplace.

Furthermore, he said: "The Bank [of England] base rate being maintained at a historical low [of 0.5 per cent] for 12 months and the resulting low savings rates is causing people to shop around for the best returns."

The Bank's Lending to Individuals report revealed last month that total net lending to individuals increased in January by £2 billion, with consumer credit up £0.5 billion and credit card lending up £0.2 billion.

Mr Cook stated a possible explanation for the growth is the overflow of spending from December, when expenditure is traditionally higher than average as a result of Christmas.

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