Britons To Switch Credit Card Debts

• News
• Published: 04 Jan 2010 in Money and Credit Cards

An estimated 4.5 million people are planning to move around £3.2 billion between credit cards, following the big Christmas spend, a study has found.

According to research conducted for Santander Cards, as many as 10 per cent of people plan to transfer balances during the first quarter of 2010 - shifting an average of £1,140 each.

When compared with the same period last year, more people are planning to take advantage of the 0 per cent interest introductory offers - rising by about a third.

And at an average of £1,807 each, people in the South East plan to transfer the biggest balances, those in the North East have the smallest ones at just £149.

With just 8 per cent of people planning to transfer debt between credit cards, the North East also has the lowest proportion of switchers - compared with 34 per cent of people in Northern Ireland.

However, the research also underlined a "dramatic" fall in the average amount people plan to transfer, declining from £2,290 a year ago - after many spent 2009 focusing on repaying debt.

Emma Roberts, director at Santander Cards, said: "The number of people transferring balances has risen year on year, whilst the amount being transferred has fallen dramatically.

"This is a clear sign that consumers are becoming savvier when it comes to managing their finances."