Brits more prepared when it comes to credit cards
November 12, 2010
It has been revealed in a recent report that there has been an increase in the number of people that have been searching for a 0 percent balance transfer deal. Credit reference agency Experian claims that in October the number of people searching on 0 percent balance transfer credit cards increased by more than 35 percent compared to the same month last year. Officials claims that this means that consumers are better prepared this year, and are not waiting around for the bills from Christmas spending to start rolling in when January comes around.
Experts have said that the fact that more people are searching for interest free balance transfer credit cards can be viewed in two ways, one good and one bad. On the upside it means that consumers are no longer willing to put up with high interest credit card debt, and are willing to prepare themselves for the expense of the Christmas period and do their best to avoid having to pay unnecessary interest on their borrowing.
However, on the other hand officials say that it could mean that consumers are simply planning to spend, spend, spend over the festive season regardless of whether they can afford it, and are hoping that by putting all of their credit card debt onto an interest free balance transfer card they can reduce the stress of borrowing money that they cannot really afford.
Those that are searching for a 0 percent balance transfer credit card will find a number of deals on the market, and will be able to find the most suitable card by comparing the various deals available. Looking for a longer interest free period will enable consumers to spread the transferred balance out more and reduce their payments.
Tags: rolling, high interest, balance transfer, debt, festive season, interest free balance transfer credit cards