Brits to move £9billion onto new credit cards

02 January 2008 / by None
More than three million people are planning to switch an average balance of £2,666 onto new credit cards in the first three months of 2008 according to research from Abbey.

Its research revealed that seven per cent of people with credit cards are to shift a combined total of nearly £9billion from old credit cards onto new ones in order to take advantage of 0 per cent balance transfer deals.

And it is men that will be transferring the most – men are prepared to switch £3,395 on average compared with women, who are looking to transfer balances of £1,820.

People aged between 35 and 44 are also more likely to switch than other age groups, with 11 per cent of this group planning a balance transfer compared with three per cent of over 65s.

Although switching a balance is not a solution to credit card debt, Roger Lovering, Managing Director of Abbey Credit Cards says it is a good start.

“It’s great to see that many people are already turning their attention to getting their finances in order," he said.

"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."

Find out more about the Abbey credit card and compare 0% balance transfer credit cards

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