Millions of pounds transferred onto new credit cards

02/01/2008

Over three million cardholders are looking to switch an average balance of £2,666 onto another credit card.

Abbey found that 7 per cent of cardholders are looking to transfer a total of nearly £9billion from their old credit cards onto new cards, just because they want to take advantage of the 0 per cent balance transfer deal.

This year it has been found that men are responsible for most of the transferring – they are ready to switch £3,396 on average compared with women users, which are assuming to transfer balances of only £1,820.

Even though switching a balance is not a solution to heal credit card debt, Managing Director of Abbey Credit Cards, Roger Lovering spoke further explaining it is a good start.

“It’s great to see that many people are already turning their attention to getting their finances in order. January credit card bills can often catch people by surprise, so we would encourage people to keep a check on their finances over the festive season and plan ahead to ensure they aren’t paying over the odds for their plastic."