Abbey: Credit card balance switching set to be over £7bn

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Abbey: Credit card balance switching set to be over £7bn

Tue 30th Dec 2008

Abbey has released research which shows that Brits will switch a total of over £7 billion between credit cards early next year, as they take advantage of introductory balance transfer periods.

The credit card provider claimed that "shifting the Christmas pounds" has become something for UK consumers and over three million Brits are expected to switch balances between cards to ensure the health of their finances at the start of the new year.

Callum Gibson, head of credit cards at Abbey, said: "The New Year is an ideal time for people to review their finances.

"By transferring a credit card balance to a card with a zero per cent introductory offer, consumers can ensure they are managing their finances as effectively as possible."

Gocompare.com recently conducted research which showed that sorting out personal finances will be the most popular New Year's resolution in January.

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