Credit card balance transfers ‘to top £3 billion’

Less money will be transferred from credit card balances at the start of this year than 12 months ago, but the amount will still be £3.2 billion, it has been predicted.

A study by Abbey found that this amount is set to be transferred in the first three months of 2010, with this averaging out at £1,140 each among the 4.5 million consumers taking such action.

This amount will be down from £2,290 each last year at a total of £7 billion, but the number of people shifting balances is up by a third.

Director at Santander Cards Emma Roberts observed: “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 nought per cent deal.”

Last month, the head of media and public affairs at the Consumer Credit Counselling Service Frances Walker said that while it is preferable that people cover Christmas spending with cash they have saved, many will inevitably resort to using credit cards.

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