Balance Transfers Could Equal £9Billion

Posted 2008-01-13

New research finds that Britons will transfer nearly £9billion in credit card debt from one company to another in the new year.

 

Abbey National Financial surveyed more than 1,000 adults and estimates that Britons will transfer three million credit card balances.

 

During the first quarter of 2008, balance transfers are expected to average £2,666.  Eight percent of men surveyed and seven percent of women reported that they plan to take advantage of some kind of balance transfer offer.

 

The average balance transfer for men was £3,395.  In contrast, women expected to transfer an average of £1,820.

 

Geographically, the largest balance transfers were reported by those living in the Midland (£3,021), followed by those in south-east of England (£2,900).  Residents of northern England, Scotland and Wales reported smaller balance transfers (£2,501, £2,154 and £2,022 respectively). 

 

Roger Lovering, managing director of Abbey Credit Cards, says he is glad to see that many Britons are considering ways to get control of their finances.  People are often surprised by credit card bills after the holiday season.  Mr. Lovering advises people to be aware of their financial condition during the festive season. He urges them to watch what they add to their credit cards to avoid excessive repayments.

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