3m Brits plan to do a balance transfer in the new year
£9bn new year balance transfer
Friday, 28 Dec 2007 12:55
The new year will see £9 billion in credit card balances transferred from plastic to plastic, according to research out today.
A survey of over 1,000 adults commissioned by Abbey finds the equivalent of three million British credit card users are planning to switch their credit card balances.
The average balance transfer is set to be £2,666 in the first three months of 2008, the research finds, with eight per cent of men and seven per cent of women saying they will be taking advantage of a credit card balance transfer deal.
On average, men were more likely to transfer bigger balances than women, moving across £3,395 to another card, compared with £1,820 for women.
Those living in the Midlands and south-east of England said they planned to transfer £3,021 and £2,900 respectively, well ahead of those in northern England (£2,501), Scotland (£2,154), and Wales and the south-west (£2,022).
"It's great to see that 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 over the festive season and plan ahead to ensure they aren't paying over the odds for their plastic," concluded Roger Lovering, Abbey Credit Cards managing director.