Many people are likely to transfer credit card balances in the new year, new research has revealed.
According to Abbey, over three million credit card holders plan to transfer approximately £8.99 billion to new cards in 2008.
The firm noted that credit cardholders plan to switch an average of £2,666 during the first quarter of the year.
Roger Lovering, managing director of Abbey Credit Cards, said: "It's great to see that many people are already turning their attention to getting their finances in order."
Consumers ought to review their finances and "plan ahead" to ensure that they are not paying "over the odds" for their credit cards, he added.
Last week, Samantha Owens, head of personal finance at moneyfacts, said that balance transfer fees have begun to "creep up" in the wake of recent financial market turmoil.
Those looking to transfer balances in the new year ought to take these fees into consideration, Ms Owens advised.
News Side
GBP9 billion credit card shift predicted
Mon, 31 Dec 2007
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