Credit Cards To Hit £ 7 Billion
It is thought that people with credit cards will be trying to transfer as much as £ 7 billion at the beginning of the New Year in order to take advantage of introductory rates that are that are on offer.Recent research done by the Abbey has shown that as many as 3 million people will be joining in on the credit card changeover. According to the Abbey it has become quite a regular occurrence at this time of year with many people of the UK trying to re-arrange their finances for the year ahead.
The average amount that will be transferred is thought to be around the £ 2000.00 region and it is thought that this is most likely to happen in the first three months of 2009.
Abbey’s Head of Credit Cards, Callum Gibson, advised “The New Year is an ideal time for people to review their finances. By transferring a credit card balance to a card with a 0% introductory offer, consumers can ensure they are managing their finances as effectively as possible.”
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