Capital One has found that 39 per cent of people with interest-free credit card balance transfers are not paying these off before the zero per cent period finishes.
4.21 million people have cards with 0% balance transfers, but just 61 per cent of them have been able to pay off the outstanding balance in time.
"People can often find themselves unable to pay off transferred balances before introductory rates expire and can end up paying extremely high rates of interest," Captial One's Ken Stannard said.
The principal reason for not paying off the transfer was the length of the introductory rate, however 13 per cent of people admitted they had forgotten when the interest free period had run out.To compare 0% balance transfer deals, click here.
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