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More credit card users are switching to 0% deals

Written By Trading Forex News on Saturday, January 9, 2010 | 12:05 PM

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ONE in 10 people plan to transfer debt between credit cards during the first three months of the year, shifting an average of £1,140 each.

The number of people moving their borrowings in order to take advantage of 0% interest introductory offers soared by a third compared with the same period of 2009, according to Santander Cards.

But the average amount people plan to transfer has halved, dropping from £2,290 12 months ago, after many Britons spent 2009 focusing on repaying debt.

Overall, the group estimates 4.5 million people will switch a total of £3.2bn between credit cards during the three months to the end of March.

Emma Roberts, director at Santander Cards, said: “The number of people transferring balances has risen year on year, while the amount being transferred has fallen dramatically.

“This is a clear sign that consumers are becoming savvier when it comes to managing their finances.”

by Western Mail

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