Credit card switching 'on the increase'

Instances of credit card switching increased over the course of 2007, it has been claimed.

According to the results of research conducted by MoneyExpert.com, an organisation established in 2003, during the third and fourth quarters of 2007, around 394,000 more individuals changed credit card providers when compared with the first six months of 2007.

MoneyExpert.com believes the switchers to have been in pursuit of better terms.

"The increase in credit card switching means that people are concentrating more on reducing debts and are less concerned about other product areas," said Sean Gardner, chief executive of MoneyExpert.com.

"And with bills increasing across the board it wouldn't be a surprise to see further rises in credit card switching in the next six months as consumers struggle to cope."

The organisation also found that of those between the ages of 25 and 34, a total of 17 per cent confirmed they had to change providers during the second half of last year.