£9bn To Be Moved in Balance Transfer Rush
Posted 2008-01-14
A massive £9 billion will move in credit card balance transfers in 2008, research says.
An Abbey survey of over 1,000 adults found around three million British credit card users are planning to switch plastic provider.
The average balance transfer will be £2,666 in the first three months of 2008 with about 7.5 per cent of customers saying they will be taking advantage of a transfer deal.
On average, men are more likely to transfer around twice the balances of women -£3,395, compared with £1,820 for women.
Those living in the Midlands and south-east of England will transfer far more than those in the north at £3,021 and £2,900 respectively, whereas those in northern England will shift about £2,501. In Scotland the figure is £2,154, and £2,022 in Wales and the south-west.
Roger Lovering, Abbey credit cards MD, said: “It’s great to see many people are already turning their attention to getting their finances in order. January credit card bills can often catch people by surprise, so we would encourage people to keep a check on their finances and plan ahead to ensure they aren’t paying over the odds for their plastic.”
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