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Brits 'plan to transfer credit card debts'

By Sarah Engle, Mon 4 Jan 2010 - Published in Credit Cards

Around 4.5 million Brits are expected to transfer their credit card balances at the start of this year.

Research carried out by Santander Cards found that £3.2 billion will be shifted between credit cards in the first three months of 2010 as ten per cent of adults try to take advantage of introductory balance transfer offers.

The study discovered that the number of people transferring a credit card balance has grown by a third since the start of 2009, although the total amount has fallen from more than £7 billion.

Emma Roberts, director at Santander Cards, said: "It's encouraging that so many Britons are planning to take control of their finances in the new year by transferring an outstanding credit card balance to a zero per cent deal."

The research showed that the average balance transfer will be £1,140, compared to the £2,290 which was shifted in 2009.

Recently, consumer group Which? noted that the average interest rate on credit cards is 17 per cent and claimed that £500 a year could be saved on a balance of £3,000 if a zero per cent deal was used.