People 'unhappy with credit cards'
Published On 8 June 2007
Many credit card users in the UK are unhappy with their current provider, a new report suggests.Data gathered by uSwitch.com shows that 6.6 million credit card customers said they are not satisfied with their card and would think about switching.
Equally, it was found that two out of three customers for every credit card provider thinks the interest rates they are charged are too high.
The survey also found that customers typically stick with the same credit card for six year, unless they are with a major bank - in which case they keep their card for an average of eight years.
"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," explained Mike Naylor, a personal financial expert at the website.
"Providers have spent the last year constantly introducing 'get rich quick schemes' for their own benefit yet customers are still prepared to stick with them for years.
"Year on year the number of people falling into this trap grows as more are lured in by their existing bank or building society’s cross-selling tactics."
Recent figures from Credit Action showed that the average UK consumer has £4,537 worth of debt on credit cards, motor and retail finance deals, overdrafts and unsecured personal loans.
