£9bn worth of credit switched

Posted 2008-01-8

£9bn worth of credit balance will be transferred in the New Year, according to a survey commissioned by Abbey.  In the first three months of 2008, the average transfer will be £2,666 with eight per cent of men and seven percent of women taking on transfer deals.

Men will transfer more money than women, an average of £3,395 compared to £1,820 transferred by women. Geographically, consumers in the South-East and the Midland will transfer the most, £3,021 and £2,900 respectively, larger sums than consumers in the North of England (£2,051), Scotland (£2,154) and Wales and the South West (£2,022).

Roger Lovering of Abbey Credit Cards said:

“Its great to see that many people are already turning their attention to getting their finances in order.  January credit card bills can often catch people by surprise, so we would encourage people to keep a check on their finances over the festive season and plan ahead to ensure they aren’t paying over the odds for their plastic.”

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