Zero per cent balance transfers used to help Credit card debts

26/01/2008

A vast majority of UK credit card holders have made use of zero per cent balance transfers, mainly to deal with credit card debts built through the Christmas period.

After inspecting Sainsbury's Bank, zero per cent credit card deals have assisted many people to keep New Year debt "under control" and allow them to meet bills fast and efficiently.

Sainsbury's Bank, Donald Macleod credit card manager, suggests that over two in three Brits anticipate to clear their Christmas debt by the end of January, signifying that it is not a "major problem" for most individuals.

"Two thirds of people have their debt all cleared by the end of the month," he stated. "I don't view that as disastrous… In the main, it sounds like everybody's got it pretty much under control."

Sainsbury's Bank estimate that 61 per cent of consumers are making arrangements to pay off credit card bills by the end of January, 15 per cent over 2 to 3 months and one per cent will take up to a year