UK Money News
28th December 2007
Abbey predicts debt swap fever in 2008
As the new year approaches many people will be including improved financial management in their list of resolutions for 2008 - and new figures suggest that swapping credit cards could be one way many people seek out help with money.
According to Abbey, Britons are set to swap just under £9 billion worth of debt between credit cards in the early months of the year.
With an average debt of £2,666 set for transfer, the help with finance available through the best deals could save UK consumers significant sums.
Meanwhile, men are set to transfer larger amounts than women, with the average debts to be shifted standing at £3,395 and £1,820 respectively.
Roger Lovering, managing director of Abbey Credit Cards, said: "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."
Last month, the personal finance provider announced a 13-month balance transfer offer on one credit card, partnered with a five per cent supermarket cashback offer valid until the end of July.
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