Abbey Credit Cards: Brits have £9bn of needless debt

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Abbey Credit Cards: Brits have £9bn of needless debt

Fri 13th Mar 2009

Abbey Credit Cards has conducted research which suggests that people in the UK are carrying a total debt-burden which is £9 billion larger than it need be.

According to the bank, 69 per cent of people have credit cards - with an average debt of £3,256 - yet the majority of them have not moved any of this debt on to a zero per cent balance transfer deal.

Furthermore, Abbey found that 40 per cent of those with credit cards had held debt on them for more than one year, which would enable it to increase as it accumulates interest.

Callum Gibson, head of credit cards at Abbey, said: "By transferring an outstanding credit card balance to a zero per cent deal, Britons could save an average of £443 a year, a huge cost saving in today's difficult economic climate."

Recently, one of Abbey's zero per cent balance transfer credit cards won the prize for best new product at the Card Awards.

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