It could pay to consider switching as UK sees uptick in consumer credit borrowing

Responding to the Bank of England’s Money and Credit statistics, John Dentry, Product Owner at the Current Account Switch Service commented:

“The uptick in consumer credit borrowing reflects the financial pressure many in the UK continue to face. While credit forms an essential part of many peoples’ financial planning, it is important that individuals are fully aware of the associated costs, risks and take steps to budget effectively to avoid longer-term difficulties.

“Making the time to manage your finances can feel overwhelming, however ensuring everything is on track can be as easy as reviewing whether your current account remains the best fit for your financial plans – today and in the future. Many current accounts now offer features such as budgeting tools, incentives, or reduced fees and it could be that one of these features elsewhere suit your goals a little better. If you’re unsure whether your current account is the right one for you, it could pay to consider switching.”