Credit cards Updated:
Britons are paying a staggering £9 billion in unnecessary credit card interest repayments each year. Two thirds of the country's population owns at least one credit card, on which they've racked up an average debt of £3,256. Despite their relative availability, however, zero per cent deals are utilised by less than one in four (23%) people. The research by Abbey has shown that while 36% of people have no existing debt or pay off their outstanding balance every month, four in ten of us have held debt on their card for over a year. Despite these sky high levels of personal debt, just one in five plan to transfer their balance to a zero per cent deal over the coming months, meaning that £9 billion will be frittered away by consumers in needless credit card repayments this year. "At a time when people are having to manage their finances more carefully, transferring to a zero per cent deal is a sensible way of ensuring your money goes further," said Callum Gibson, head of credit cards. Check out Moneyfacts' comparison tables to find a zero per cent credit card today.
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