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NewsMillions of Brits 'to transfer credit card balances'
Millions of Brits 'to transfer credit card balances'
Posted by Emily Jones
A considerable number of consumers in the UK intend to transfer their credit card balances this year, it has been suggested.
According to figures produced by Santander Cards, a total of around 4.5 million people will move cash in this way in the first three months of 2010.
In total, £3.2 billion will be shifted over the quarter, with the average balance transfer sum being £1,140.
"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 zero per cent deal," said director at Santander Cards Emma Roberts.
She added that the number of individuals transferring balances has increased year on year, while the amount moved has decreased.
This is a sign, Ms Roberts claimed, that consumers are becoming more savvy when it comes to managing their finances.
Recently, Confused.com stated that people are reluctant to apply for credit as they fear that unsuccessful applications will tarnish their records.
04/01/2010 16:34
News category: Consumer