Abbey: Consumers look to change credit cards

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Abbey: Consumers look to change credit cards

Mon 4th Jan 2010

As many as 4.5 million British adults are to change their credit card in the first three months of 2010, according to Abbey.

This figure means that ten per cent of Britons are expected to move around £3.2 billion before March in a bid to find a more competitive interest rate.

On average, £1,140 worth of debt will be moved between cards as consumers aim to take advantage of introductory balance transfer periods.

While more credit card holders are looking to move their money, the level of debt has fallen by £7 billion compared to last year.

Emma Roberts, director at Santander Cards, said: "The number of people transferring balances has risen year on year, whilst the amount being transferred has fallen dramatically; this is a clear sign that consumers are becoming savvier."

Consumers are now saving an average of £198 each month, Abbey recently reported, which is a 21 per cent increase on the savings rate at the start of 2009.

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