Credit card confidence hits all time low

By Sarah Engle, Thu 19 Jan 2012 - Published in Credit Cards

Consumer confidence in credit cards has hit an all time low, according to new research by uSwitch.

Many users have started 2012 in debt following a costly Christmas period, and while it had originally been thought that consumers would turn to credit cards to help them ease out of the red, uSwitch's new report suggests otherwise.

The service provider revealed that two million people were unhappy with their current credit card deal, with companies such as Bank of Scotland, Santander and Halifax faring the worst in the survey.

uSwitch found that 51 per cent of people have had the same credit card for the past five years, while 25 per cent had more than three cards, down from 30 per cent in the previous year.

Michael Ossei, personal finance expert at the company, said: "With overall satisfaction and customer service getting worse across the board, and the high street banks still providing some of the worst service, consumers should look around further afield at new providers for the best credit card for them."

The Post Office recently predicted in its Consumer Report that 38 per cent of people will spend more than Ł200 on their plastic in January 2012.

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