1 in 5 UK consumers unhappy with their credit card providers

10th June 2007

A major survey of UK consumers by uSwitch has revealed that many credit card customers are extremely unhappy with the costs and the service provided by their credit card company, suggesting many would be better off with a secured loan.

The study showed more than 1 out of every 5 UK credit card holders are unhappy with their credit card - that’s equivalent to over seven million UK consumers.

The complaints raised by consumers were excessive interest rates & charges, poor value for money and bad customer support; replacing credit card debt with a cheap loan could, however, help solve these problems.

“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,”…“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.” said Mike Naylor from uSwitch.

Source: uSwitch, June 2007