People are using cards less, site says

25/06/2009

Credit crunched cardholders are adopting smarter tactics with their spending, Tescocompare.com has revealed.

According to the price comparison site, 44 per cent of consumers are "more thrifty" now than they were before - and 37 per cent have cut their credit card usage so that they can pay back some of their debts.
The news follows recent EuroDebt analysis, which showed that the typical client holds around three credit cards with £3,600 owed on each.

Debra Williams, spokesperson for Tescocompare.com, said: "In the current climate it's encouraging to see so many consumers taking significant steps to reduce their reliance on credit. Even those who aren't currently in a position to make cutbacks, could still save themselves some cash by shopping around for a better deal.

"Our research reveals only half of all credit card users ever having switched provider, therefore we'd urge anyone that uses a credit card to review their current card to check they're on the best deal possible."

Tescocompare.com also found that 16 per cent of people plan to cut their credit card use over the long term.

Tags; Debt Management and Banking, Credit Card Lifestyle, Recent Graduate Debt,

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