UK residents have switched £6.5 billion worth of debt between credit cards in the last 12 months, according to new research.
One in four Britons have transferred debts between credit cards in the period, a study from AWD Moneyextra reveals.
On average, credit card users moved £760 each in the last year, while 1.4 million people (four per cent of credit card customers) shifted more than £5,000.
Many credit card providers charge balance transfer fees of around two per cent - while other balance transfer cards can feature a toll of up to three per cent, the company warns.
Sean Gardner, chief executive of MoneyExpert, comments: "It is yet more evidence of the UK's debt culture that so many people have balances of more than £5,000 on their credit cards."
He adds that switching credit cards could be the first step for many consumers trying to get their level of debt under control and urges those planning to do so to seek advice on the best step forward.
The Motley Fool recently advised that UK consumers could save money by switching debt from expensive store credit cards to balance transfer cards.
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Britons switching credit card debt
Tue, 19 Dec 2006
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