More than 4.4 million applications for consumer credit are expected in the next six months, according to analysis by Equifax, based on information generated by its credit bureau.The Consumer Credit Pulse report indicates that, despite an overall downturn in the credit market - which has dropped 5.9 per cent year-on-year to June 2019 - 11 per cent of consumers intend to apply for credit in the near future. Of these, 53 per cent are looking to switch providers when they make their application."Our research shows that 10 per cent of consumers have switched credit products in the past year, and even more intend to apply for credit in the coming months. This presents an opportunity for lenders to attract new customers," said Moses Samaha, Executive General Manager Customer and Solutions, Equifax.Of the 10 per cent of consumers who have switched credit providers in the last 12 months, home loans and credit cards stood out as the big movers. A quarter (26 per cent) switched their home loans and nearly half moved their credit cards.For switchers of home loans or personal loans, those aged 18-34 were most likely to prefer a building society or credit union (42 per cent for home loans, 41 per cent for personal loans). Consumers aged 35-50 were more likely to prefer a small bank for their home loans (55 per cent) and personal loans (39 per cent).And age does matter. The younger the individual, the more likely they are to be active in market for credit products, with 18 to 34-year olds being particularly mobile. Younger consumers are also more likely to switch lenders - of those who had switched in the past 12 months, 43 per cent were aged 18 to 34, and 32 per cent were aged 35 to 50.Samaha said there was a clear correlation between the decline of credit cards and the growth of 'buy now, pay later' purchasing options. "While there are a number of factors at play here it does support the growing belief that consumers are opting out of traditional credit cards," he said."The decline in credit card applications has been impacted by a number of factors. These include substitution with debit cards, the rise of Buy Now Pay Later options, changes to ASIC regulations and further government restrictions on credit card marketing," Samaha said.Nevertheless, consumers showed a clear preference for sticking with the Big Four banks' credit card products. Unsurprisingly, the primary driver behind switching credit cards was lower cost (46 per cent), in the form of lower interest rates, annual fees and set up costs.Samaha told Banking Day that while cost was the main reason for switching card providers other factors were also at play: "Better features - for instance, loyalty reward programs - and customer service - that is, poor service from another provider."