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PPI Claim News - 4/1/2011

 
Credit card claim: £2.8 billion to be shifted onto new credit cards this year

Over the course of 2011, £2.8 billion is to be shifted onto new credit cards, suggesting that consumers are keeping a closer check on their finances.

That is according to research by Santander Credit Cards, which found that a third of credit card holders who have an outstanding balance plan to shift all or some of this debt to a new card.

Ian Coles, director at Santander Cards, said: "Our research shows that millions of people are switched on to the benefits of transfer offers and are choosing to take a proactive approach to managing their money.

"The fact that the average amount being transferred has fallen considerably over the past couple of years would also suggest that consumers have reined in their spending."

Findings from the research shows show that the average balance transfer this year will be £1,015. In 2008, the average transfer was £2,290.

However, figures also reveal that 3.6 million Brits are still paying off debts from Christmas 2009.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management
 ADNFCR-2776-ID-800321536-ADNFCR



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