According to recent reports in the credit card news, people in the UK will transfer billions of pounds between credit cards in the months to come. Britain was previously confirmed as a nation of credit card holders, with more credit cards per person than any other European country.
Sainsbury’s indicate that as many as 4.3 million people are planning to transfer money between credit cards before the summer starts in July. On average, customers will switch £1,555, to a total of almost £7 billion.
The head of credit cards at Sainsbury’s, Donald Macleod, reportedly commented: "It's not surprising that zero per cent balance transfers are popular, our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend."
News Side
Credit card customers will switch balances
Tue, 26 Feb 2008
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