Cardholders plan new year balance transfers
Mon 31 Dec 2007 10am
More than three million customers will undertake new year
credit card switching worth at least £8.99 billion, according to research from Abbey Credit Cards.
The figures also showed geographical differences, with those in the south-east of England most likely to transfer, while only five per cent of cardholders in Scotland plan to make the switch.
Commenting on the figures, managing director of Abbey Credit Cards Roger Lovering warned: "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."
Speaking earlier in December, expert James Falla of
debt counsellors Thomas Charles advocated the advantages of balance transfers.
"The thing that cripples most people with
credit cards is the interest
If you can get zero per cent interest
at least what you are paying is coming straight off the balance," he explained.
