UK Money News
27th May 2008
Crunch limits consumers' choice
Consumers are finding it increasingly difficult to switch financial products in the face of the credit crunch, a new study has shown.
In a survey conducted by price comparison site MoneyExpert.com, it was found that the number of household and financial products being swapped during the last 12 months has fallen by 17 per cent.
Among the most marked decrease was noted among household service providers, such as gas and electricity companies, with the number switching between providers falling by 6.7 million during the first three months of this year compared with the same period in 2007.
Sean Gardner, at MoneyExpert, said "Switching in search of a more competitive deal remains big business.
“However the credit crunch is having an effect on people’s ability to move as lenders increase rates and prices and withdraw products."
He added: “Other areas are feeling the chill of the credit crunch and general concerns about rising cost of living and inflation. Some people are staying put rather than seeking out the best possible deal."
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