£9 Billion Is the Balance Amount That Is Expected To Be Transferred In The New Year

Posted 2008-01-10

A recent research revealed that the 9 billion pounds, credit card balances are expected to be transferred to other cards in the New Year.

The Abbey commissioned a survey of more than 1,000 people which found that the equivalent of 3 million British credit card users have plans to transfer their credit card balances.

2,666 pounds is expected to be the average balance transfer in the first quarter of 2008, with nearly 8 percent men and seven percent women stating that they would take advantage of credit card balance transfer deals.

It was seen that men were more likely to transfer bigger balances in comparison to women, with men moving 3,395 pounds and women just 1,820.

Moreover those from Midlands and south-east of England said that they intended to transfer around 3,021 and 2,900 pounds, much more than the amound of 2,501 pounds of Northern England and the amount of  2,154 pounds of Scotland and Wales or the amount of 2,022 pounds of south-west.

Managing Director of  Abbey Credit Cards, Roger Lovering stated that it was good to see that many people were already taking action towards their financial situation. He further said that generally the credit cards bills in January catch many people off guard so it was advisable that people check their card expenses over the festive season.

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