Related Credit Card Article

"People continue to transfer balances"

By admin | April 12th, 2008 | Balance Transfers, Credit Cards

Over recent years the popularity of balance transfer credit cards amongst consumers in the UK has rocketed, with many people taking advantage of 0% offers in order to get rid of high interest credit card debt and enjoy interest free credit for a generous period of time, which has saved some borrowers a small fortune in interest over the term of their debt. However, a number of issues that have come to light over recent months have made it increasingly difficult for consumers to transfer their balances and enjoy affordability.

One of the problems is that the number of card providers offering capped transfer fees has fallen dramatically over the last year, and this means that many more people will have to pay a far higher price for the privilege of transferring their balances. A second problem is that the global credit crunch has seen lenders exercising far more caution over who they will be prepared to lend to, and this means that many consumers who may have been eligible to get a good 0% balance transfer deal in the past may no longer be eligible.

However, these factors do not appear to have put many people off, with recent research showing that many cardholders plan to transfer their balances on to a 0% balance transfer card over the coming months. The research was carried out by Sainsbury’s Finance, and showed that around 4.3 million cardholder are looking to transfer their credit card balances onto a 0% card by July, with an estimated £6.68 billion expected to be transferred collectively by this time.

An official from Sainsbury’s Finance said: “Our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend.”

Tags: Balance Transfers

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