The level of financial service switching activity among British consumers is falling, recent research has demonstrated.
According to figures from MoneyExpert.com, the overall number of deals being swapped across the country was 17 per cent lower in the first three months of this year compared to the same period in 2007.
The fall in switching activity has been attributed in part to the reduction in the number of mortgage deals on the market since the summer of last year.
Additionally, while many people are looking to take control of their debt management and money problems, credit arrangements are reported to have become less attractive to would-be borrowers over the course of 2008.
"The mortgage market has been the focus of concern this year as lenders have scrapped deals and made mortgage availability the big issue," explained MoneyExpert.com’s founder and chief executive Sean Gardner.
"With fewer deals on offer and stricter criteria it is no surprise that fewer people are moving."
Meanwhile, the mental health charity Mind has called on lenders to behave more responsibly towards customers who are struggling with problem debt.