Independent UK Credit Card Comparisons | Today is Tuesday, September 7th, 2010
 

"Credit card applications set to rise"

By admin | January 21st, 2009 | Credit Cards

According to industry officials the number of credit card applications over the month of January are set to increase, as a rising number of people try and switch their cards in order to cut back on the interest that they have to pay on the balance that they have accrued over the Christmas period.

With many people having used their credit cards to fund purchases for Christmas and in the early High Street sales over recent weeks, many will now be preparing to receive their statements and will be hoping to switch to a lower interest card.

Officials have said that many consumers are keen to try and start the year with as little debt as possible, and part of their strategy may be to streamline their debts with a low interest credit card or an interest free balance transfer card. This is likely to result in higher levels of credit card applications. With households facing increasing difficulties due to difficult credit conditions and rising unemployment more and more people will want to try and cut their credit card debt.

Some officials have also said that a rising number of people may find that they struggle to make the repayments on their credit card balance, and that those in this situation need to seek professional advice as quickly as possible.

One official stated: ‘Many people will look for a new start in the New Year and getting finances in order will be top of the list. If you feel your borrowing is out of control or you are concerned about servicing debts or slipping in to arrears, seek advice.’

However, those that want to try and switch to another card will have to act quickly, as many credit card companies are being increasingly careful about their lending.

One expert stated: ‘The market will contract further. This will be bad news for borrowers who have got used to regularly moving their card debt around. The best advice is to act quickly.’

Tags:

Related Articles:

  • Credit card customers need to get advice when struggling

    Consumers who are struggling to repay their credit card debt and other debts are being advised to ensure that they seek help from industry professionals to avoid getting into too much of a financial mess. In the current financial climate, and with the recession leading to massive job losses, many people are now struggling to...

  • Consumers advised on post Christmas credit cards

    Consumers in the UK are being advised to find the right credit card to help them to get over their financial hangover from Christmas, with many having given their existing credit cards a good battering over the festive season. However, consumers are also advised to act quickly, with industry officials stating that the credit card...

  • Consumers struggling with credit card debt advised to get professional help

    In the current financial and economic climate an increasing number of consumers are struggling to keep on top of credit card and other debts, and this has led to a steep increase in default levels. Rising unemployment has added to the chaos in this area, and loss of income for many people has meant that...

  • Budgeting vital for credit card consumers

    Industry officials have been urging consumers that have credit card debts to ensure that they budget effectively for their debt, otherwise they could quickly fall behind and find themselves unable to cope with repayments on what they owe on the credit card. A leading debt advice company in the UK has been offering advice and...

  • More multiple credit card holders now in UK

    A recent report has claimed that the number of credit card users with more than one credit card in the UK has been increasing. Officials claim that there has been a rise in the number of multiple cardholders in the UK. Officials are concerned that the number of people that are becoming reliant on credit...

Post A Comment:

  1. Transferring credit card debt won’t help people who have large balances as these are usually “teaser” rates, which means the low rate is good only from 6 months to a year.
    People also need to read the fine print since sometimes there are high fees involved.

    Comment by Ann — January 27, 2009 @ 2:20 am

300x250_Egg_credit_cards

Virgin Credit Card image

Other Recent Articles

Improvements to credit card lending

According to recent reports July saw improvements when it came to credit card lending in the UK, which many believe...

By Reno | September 2, 2010 | Read More

AA credit card makes changes in consumers’ favour

Changes have been made to AA credit cards that are designed to help consumers to save money on interest. In...

By Reno | September 2, 2010 | Read More

Good deals being limited by credit card providers

It has been claimed that good deals on credit cards are being limited by credit card providers, and although many...

By Reno | August 30, 2010 | Read More

Don’t lose your interest free facility on your credit card

Many people these days have interest free credit cards, and this is because these cards can offer great value for...

By Reno | August 27, 2010 | Read More

Default on credit card debt still big risk

It has been reported that banks and credit card providers are still viewing the possibility of defaults on credit card...

By Reno | August 27, 2010 | Read More