UK Money News
7th January 2008
Consumers swap credit cards as 2008 gets underway
Millions of consumers plan to swap their credit cards during the beginning of this year in a bid to get their finances back on track.
According to MoneyExpert.com some 2.6 million credit card holders will be transferring their existing debts to new card offering better rates of interest this month.
The financial comparison website found that zero per cent deals on balance transfers, which are now offered by almost three quarters of credit card providers, will persuade seven per cent of card holders looking for help with debt to switch and save money.
Sean Gardner, chief executive of MoneyExpert.com, said: "Credit card companies can expect a busy transfer season in January as millions of us wake up to the cost of Christmas before the new year financial hangover sets in."
Meanwhile Nationwide Building Society warns that credit card holders could unwittingly pay some £500 million between now and October when new regulation requiring providers to inform customers of the order of payments they use comes into force.
This is because the majority of providers apply payments to the cheapest debt first, making it more expensive for consumers, it explains.
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