The number of people applying for credit cards and loans through the UK’s largest network of consumer loyalty websites has fallen by eight per cent in the last quarter.
That figure has been revealed in new analysis of the habits of half a million consumers on the froggybank.co.uk cashback network.
It compared the buying habits of its 500,000 UK members in April to June 2008 to the same period in 2007.
At the same time, people switching utility providers to reduce their energy bills shot up 32 per cent.
froggybank.co.uk’s marketing manager Nadeem Azam said: “We’re seeing clear signals that consumers are really feeling the pain in their purses right now.
“They are going out of their way to save every penny they can, which is great news for a cashback network such as froggybank.co.uk.”
Nadeem believes that credit card and loan applications are down for two reasons.
He said: “Some people feel poorer because of the rising cost of living, and are holding off on the big purchases they would normally have made. If you’re not going to replace your car, you don’t need a loan.
“Others perceive that the credit crunch means getting a loan or credit card is now a lot harder, so they aren’t even bothering.”
The network consists of 180 websites led by froggybank.co.uk, the UK’s first and only green 100% cashback site.
It’s estimated there are more than 20 million online shoppers in the UK who are yet to discover cashback and get back up to 100% of the middleman’s fee on all their online shopping.
Shoppers log onto a cashback site before making online purchases from major retailers as normal.
The referral fee paid by the retailer to the cashback site is returned to the shopper.
To help consumers even more, froggybank.co.uk recently released 101 tips to beat the credit crunch. You can see them at www.froggybank.co.uk/news/101-tips-to-survive-the-credit-cru....
froggybank.co.uk has committed to work with PURE the Clean Planet Trust, to offset one million tons of carbon by 2012.
That’s equivalent to the annual emissions of 180,000 average UK homes.
100% of the cashback paid by retailers can be turned into charitable donations that will support PURE. Shoppers can alternatively give the money to another charity, or keep some or all of it for themselves.
NOTES TO EDITORS:
• For any further information or interviews please contact Paul Green at Publicity Heaven PR agency on 08452 303049, or email firstname.lastname@example.org
• You can find more information at www.froggybank.co.uk/press
• froggybank’s carbon offsets are provided by certified and verified carbon credit providers including PURE the Clean Planet Trust
• froggybank.co.uk is owned by eDeals UK Ltd, the biggest operator of consumer loyalty websites in the UK. The company operates 180 websites supported by 44 staff.
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