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"Consumers will struggle to get interest free credit card deals"

By admin | October 21st, 2008 | Credit Cards

Recent reports have indicated that consumers these days will have a hard time trying for find interest free deals on credit cards as a result of the global credit crunch and the difficulties that have arisen from the credit squeeze. Whereas in the past many consumers with fairly decent credit could switch cards on a regular basis in order to keep an interest free period going for as long as possible, this will no longer be an option for many due to the lack of availability and accessibility on all types of finances, including credit cards.

It is thought that many credit card holders are due to see their interest free periods on their credit cards expire soon, with around five million people thought to have transferred their credit card balances onto a 0% card between April and November of last year. When their interest free period comes to an end many of these people will find it impossible to get another interest free credit card deal in the current financial climate, particularly if they have any blemishes on their credit files.

One industry expert stated: ‘The market is fracturing into the haves and the have-nots. Those with a good credit history and whose income is keeping pace with their spending can still get attractive, interest free deals, but those who have any signs of distress on their credit record will struggle.’

Another official added: ‘There are still some great interest free balance transfer deals available but not everyone is going to get them.’

One official also said: ‘In the past, some people who have found a zero per cent deal have treated the card as a place to park their debt and forget about it. Now, like it or not, we’re moving into an era where you will need to chip away at your debt to stay on top of it.’

Tags: interest free credit cards

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