The first three months of 2008 will see as many as three million consumers switching the balance on their credit card to a new card. Research by Abbey found that of these consumers the average balance is about £2,666.
Some seven per cent of credit card customers will switch their balance from old to new credit cards, switching a combined total of some £9 billion, largely to take advantage of 0 per cent balance transfer deals.
Men were more likely to transfer a larger balance than women, and those aged between 35 and 44 were the age group most likely to switch. Switching a credit card balance is not necessarily a bad thing, and can save money .
The Managing Director of Abbey Credit Cards, Roger Lovering, reportedly commented: "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."
Three million will switch onto new credit cards
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Three million will switch onto new credit cards
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