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Nearly 6m `change credit cards to limit debts`

13/02/2008

Nearly six million UK consumers switched their credit card providers during the last six months of 2007, in an effort to get their debt problems under control, new research has revealed.

In a bid to limit credit card debt, a study by MoneyExpert has found that 394,000 more people changed credit cards in the latter half of 2007 than the first six months of the year.

Stretched finances are hitting the young the most, with one in six of those aged between 25 and 34 admitting to switching their credit cards at some point during the last year.

Sean Gardner, chief executive of MoneyExpert.com, said: "The increase in credit card switching means that people are concentrating more on reducing debts and are less concerned about other product areas."

According to Credit Action, the average UK consumer owed £4,713 on credit cards and overdrafts at the end of December.

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