Brits urged to transfer credit debt
Consumers in Britain are being urged to switch their balances to providers offering a lower rate of interest.
The advice follows research from Abbey which found more than half (55%) of credit card holders have not transferred any of their existing debt to a 0% balance transfer deal.
In addition, only one in five of those questioned anticipated moving their balance in the upcoming months to take advantages of these offers.
Callum Gibson, head of credit cards at Abbey, said: "By transferring an outstanding credit card balance to a 0% deal, Britons could save an average of £443 a year, a huge cost saving in today's difficult economic climate.
"At a time when people are having to manage their finances more carefully, transferring to a 0% deal is a sensible way of ensuring your money goes further."
Meanwhile, Barclaycard's Platinum Long Term Balance Transfer credit card was endorsed by a national newspaper earlier this week.
The Daily Mail claimed its terms were among the best for borrowers who cannot apply for interest-free deals.
Written by David Jones ©
