Credit cardholders look to consolidate, says Abbey

27 September 2007
New research has revealed that a significant number of people are looking to reduce the number of credit cards they currently have.

According to Abbey, 7.7 million credit cardholders want to consolidate their debt on to one card that provides good value.

The firm noted that the average credit cardholder has between one and two cards, while 22 per cent of card users have three of more.

Roger Lovering, managing director of Santander Cards, said that many people do not wish to keep cards they do not use "up and running".

"In the current climate, people are becoming more and more savvy about the impact numerous cards have on their credit rating, and a significant number of cardholders are now looking to consolidate all their credit cards," he commented.

Earlier in the year, reported that one in ten credit cardholders choose just to make the minimum required payment each month.

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