13 March 2009
Excessive amounts of interest are unnecessarily being paid on credit cards, it is revealed.
New statistics from Abbey Credit Cards reveals the total amount of interest paid unnecessarily equates to £9 billion, with men generally having more credit card debt than women.
"By transferring an outstanding credit card balance to a 0% deal, Britons could save an average of £443 a year, a huge cost saving in today's difficult economic climate," comments Callum Gibson, Head of Credit Cards at Abbey.
He also believes transferring to a 0% deal is a way of ensuring money goes further, which is as important as ever in the current economic climate.
Additional figures show 69% of people have at least one credit card, with an average debt of £3,256.
The Bank of England recently revealed that spending on credit cards decreased by 4.8% in December 2008. Search online now for the best deal on your credit card.