Feb 2 2010
Although many of us are taking measures to curb spending after the credit crunch, the latest figures detailing the amount spent in UK shops at Christmas has highlighted that we are still eager to use both cash and credit.
However, while according to PwC report Precious Plastic 2010 has in fact seen the number of credit cards in circulation go down, housing charity Shelter recently published findings that a massive one million people are using their cards for larger items such as rent payments and mortgages.
Joanne Garcia, head of credit cards at Confused.com said: “Despite the credit crunch, credit is still being sought as Brits are strapped for cash. The flexible friend is still being relied upon for a number of reasons including mortgage payments and shopping.”
This continuing dependency on credit cards has led to some major changes within the industry however, with lending criteria becoming increasingly tighter and more and more individuals finding it difficult to succeed in finding a suitable flexible friend. Additionally, comparison specialists, Confused.com, also launched an online credit profiling tool in September in an effort to help customers find which credit cards they are eligible for without affecting their credit footprint.
“Before applying for any credit card, customers should use our fantastic tool which enables them to apply for the right product for them, whilst protecting their credit history,” Garcia continued. “This process leaves no black mark on anything which is great for people keen to protect their credit ratings.”
Since the launch of the tool in September 2009, the site has helped more than 25,000 people efficiently find a suitable credit card for their needs.
Confused.com is one of the UK’s biggest comparison websites and offers comparison services for a range of products including car and van insurance, as well as money products including credit cards, savings and mortgages.