The fall in availability of credit card balance transfer deals could lead to debt problems for some, one expert has warned.
Beccy Boden-Wilks, a debt adviser at National Debtline, explained that anyone who has previously relied on switching from one credit card to another might find that they struggle if they cannot get a new deal.
She said: "One of the major effects of the credit crunch is that people can't manage their large amount of debt as cheaply as they could before; this is having a knock-on effect, which is why at National Debtline we're seeing increases in mortgage arrears ."
Ms Boden-Wilks added that it is likely that zero per cent credit card balance transfer deals will be very difficult to find in coming months and may even disappear from the market completely.
Earlier this week, research by MoneyExpert.com revealed that interest rates on credit cards are on the way up, making borrowing on them more expensive.
News Side
Credit card transfer deals disappearing
Thu, 17 Apr 2008
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