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Millions to transfer credit card balance

Millions to transfer credit card balance

Category: Credit cards

Updated: 04/01/2010
First Published: 04/01/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Millions of consumers plan to transfer their credit card balance in the new year, in a bid to take advantage of zero per cent deals and pay off high levels of unsecured debt.

More than 4.5 million bank and building society customers are planning to move in excess of £3.2 billion between credit cards in the first quarter of 2010 – a third more than did so in the first three months of last year.

While the number of people looking to transfer their debts to preferable deals has increased, the scale of personal deficits has fallen by more than half, from over £7 billion 12 months ago, reflecting an effort to pay off record levels of unsecured personal debt.

Cardholders planning a transfer will switch an average sum of £1,140 onto a new card, compared to £2,290 last year. The people of the South East intend on switching the largest average sum, at £1,807.

And the location with the most consumers planning a transfer is Northern Ireland, with over a third (34 per cent) looking to do so. By contrast, just eight per cent of people in the North East said they will apply to transfer their credit card balance in the first quarter of 2010.

Emma Roberts, director at Santander Cards, commented: "The number of people transferring balances has risen year on year, whilst the amount being transferred has fallen dramatically; this is a clear sign that consumers are becoming savvier when it comes to managing their finances.

"It's encouraging that so many Britons are planning to take control of their finances in the new year by transferring an outstanding credit card balance to a 0 per cent deal."

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