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Brits not taking advantage of 0 per cent credit cards

Mon, 16 Mar 2009

New research by Abbey Credit Cards has revealed that British credit card owners are paying £9 billion in unnecessary interest rates when many banks are offering zero per cent interest rates .

Over two-thirds of Britons own a credit card, with an average debt of £3,256, but 55 per cent have not moved any of their debt to zero per cent transfer deals, compared to the 11 per cent who have moved all of theirs.

Just 19 per cent are planning to do so in the future even though they could save £443 a year, a considerable figure in the current economic climate.

Callum Gibson, head of credit cards at Abbey, said: "At a time when people are having to manage their finances more carefully, transferring to a zero per cent deal is a sensible way of ensuring your money goes further."

Zero per cent credit cards could be of interest to the 25 per cent of British people who have fallen into debt due to shopping, a figure revealed in research by debt management company Kensington Financial Management Consultants.
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