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"Balance transfers on credit cards to soar in first quarter"

By admin | February 9th, 2010 | Balance Transfers

Over the Christmas and New Year period many consumers will have given their credit cards a good bashing, having made all sorts of festive purchases on them from buying gifts and food for Christmas to paying for entertainment and buying clothes for nights out.

However, in the aftermath of the festive season many will now be dreading sorting out their credit card balance, and for many the natural solution will be to transfer the balance onto a 0 percent balance transfer card.

Credit card giant Santander Cards has released figures that suggest that during the first quarter of this year struggling Brits will transfer around £3.2 billion onto balance transfer credit cards in a bid to avoid paying interest on the debts that they have built up on their higher interest credit cards.

Around four and a half million consumers, equating to 10 percent of the population, are planning to look for new credit card deals during the first three months of the year according to Santander.

The research indicated that the average amount that would be transferred onto a new credit card by each consumer would be £1140, and the area in which the most money would be transferred onto other credit cards would be the south east of the country. The highest number of people transferring balance is likely to be seen in Northern Ireland at 34 percent, whereas in the north east only 8 percent of consumers are expected to transfer money onto a new credit card.

A spokesperson from Santander said that the fact that so many people would be transferring balances showed that people were becoming more educated over their finances, stating: “This is a clear sign that consumers are becoming savvier when it comes to managing their finances. It’s encouraging that so many Britons are planning to take control of their finances in the New Year by transferring an outstanding credit card balance to a 0% deal.”

Tags: Balance Transfers, credit card balance transfers, Credit card cashback, Credit Cards, Santander Cards, stoozing

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