Many consumers fail to switch to better credit card deals

Recent research has indicated that many consumers fail to switch to better credit card deals when they can.  Instead they will suffer through very high interest rates and benefits that are minimal to nearly nonexistent.

Many industry experts agree however that the current new year may be the best time to act.  In choosing to do so, cardholders could not only reap the benefits of more lucrative benefits but they could end up paying greatly reduced interest rates on their repayments.

New regulations accompany the beginning of 2011, which will require credit card providers to institute several changes in how they operate with an eye to being more beneficial to their customers. One such change is a minimum balance payment system designed to not allow cardholders to drown in indefinite debt.  Additionally card providers will now be required to apply repayments to the most expensive debt on the card first, potentially saving consumers quite a bit of money in interest.

Some industry experts have been expressing their fears in regards to credit card providers and what kind of behaviour they might engage in to avoid the loss of revenues. One such tactic feared is that of instituting stealth charges or increasing their interest rates in order to generate more money.  Some credit card holders may come to be in the unfortunate position of paying more than they were previously for their borrowing as a result of this behaviour on the part of card providers.

In order to streamline their finances and achieve a better financial position, card holders are being urged by banking and finance experts to not let their credit card providers push them around any more.  Instead of allowing providers to get away with financial murder, these experts have suggested credit card customers conduct research into finding a deal on their credit card which may be more competitive than their current arrangement.

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