30 December 2008
As the festive season draws to a close and consumers start receiving their credit card bills, many will be looking to transfer their debts to new cards.
According to research by Abbey, over £7 billion will be transferred between credit cards during the first three months of 2009.
More than three million consumers will be switching balances, with the average amount totalling £2,000 per person.
Those aged 25 to 34 are most likely to transfer their debts to a new card in the new year, with 15% planning to do so compared to 3% of those aged 55 to 64.
Callum Gibson, Head of Credit Cards at Abbey, said January is an ideal time for consumers to review their debts and their outgoings.
"By transferring a credit card balance to a card with a 0% introductory offer, consumers can ensure they are managing their finances as effectively as possible," he remarked.
According to research carried out by AXA earlier this month, over 3.7 million Brits believe their credit card debts are too much to cope with.