20% of Britain’s younger credit card users opted to transfer the balance of their plastic to another provider during the latter part of 2007, in order to reduce their rising credit commitments.
According to a recent study by one of the UK’s leading financial comparison sites, more than 1 in 5 of every cardholder aged between 21-35, actively sourced cheaper, more manageable facilities to manage their card expenditure in order to avoid additional debt.
The company also believes that around 60% of cardholders within the UK, regardless of demographics, are paying more than they could be, had they chosen to pursue more competitively priced card facilities. However, the fact that the younger card spending generation are reviewing their financial commitments is of course an encouraging sign.
A spokesperson for the online firm commented that credit card spending is one of the most overlooked areas of personal financial management within the UK, but is also one of the most common ways to borrow. Consumers need to allocate as much of their time towards sourcing cheap credit card deals, as they do with other areas of their finances such as mortgage and personal loan usage.
