52% reluctant to ask credit card provider for help - Credit cards - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

52% reluctant to ask credit card provider for help

52% reluctant to ask credit card provider for help

Category: Credit cards
Author: Lieke Braadbaart
Date: 22/05/2018

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Falling into debt is never a fun experience, but it can only get worse if you try to ignore it or refuse to seek help. Despite the benefits that can come from seeking assistance, however, 52% of Brits feel there is a stigma attached to asking their credit card provider to help them.

This is according to a recent survey conducted by Echo Managed Services, which further found that among those reluctant to talk to their card provider, 59% attributed the stigma to societal stereotyping and their own feelings of shame or embarrassment. Another 36% blamed their reluctance on the way in which their provider operates, while the remaining 5% pointed to both factors.

Worryingly, only 25% of customers felt valued when going through the debt recovery process with their provider, with 60% not feeling valued and reports of some advisers making assumptions about why a customer had fallen into debt or being overly aggressive. This just goes to show that great customer service can be just as important as a good interest rate when deciding on a credit card provider.

"Debt affects a huge cross-section of people, for many different reasons, so it's crucial that credit card providers work hard to understand the issues of every single individual and help them to find a balanced resolution," Monica Mackintosh, customer services director at Echo Managed Services, said. Of course, we'd all much prefer avoiding debt altogether. To do so, it could help to get a credit card that has a long introductory interest-free offer on purchases or balance transfers, whichever you may need. Some cards even come with 0% interest on both for some time.

If you are thinking of transferring your current card debt onto a 0% balance transfer card, make sure to look at the fees attached to transfers as well as the term – if you're not going to need 36 months to pay back the debt, you may be better off with a card that offers a shorter introductory term in exchange for a low or no transfer fee. Simply click on 'Balance transfer fee' on our 0% balance transfer card chart to order the top deals and see the cards with the lowest fee (which still come with a pretty long term) first.

For those who are struggling with debt and not sure where to turn, our 12 steps to become debt-free might help, and remember that you can always turn to a debt charity. You don't have to suffer debt on your own.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.