Credit card balance transfers to hit £3.2bn in Q1
04 January 2010 13:22:43
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| 'Savvy consumers' to shift £3.2bn between credit cards. |
Britons will move a combined £3.2bn to new credit cards in the first three months of 2010, according to Santander Cards.
The credit card provider conducted research which found that more than 4.5 million UK residents, or 10% of the population, will look to secure new deals in the first quarter.
Although the expected value of the balance transfers compares with a figure of over £7bn 12 months ago, the number of Britons adopting this strategy is a third higher.
"This is a clear sign that consumers are becoming savvier when it comes to managing their finances," commented Emma Roberts, a director at Santander Cards.
"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 0% deal."
The research, which found that the average balance transfer sum will be £1,140, also revealed that credit card customers in the south-east will shift the most money (£1,807).
Meanwhile, just 8% of consumers in the north-east are expecting to transfer a balance (with an average value of £149), while Northern Ireland will see the highest proportion of people taking this approach (34%).
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