Britons' 2011 credit card balance transfers 'to top £2.8bn'
Wednesday, 05 January 2011 12:00
Credit card balance transfers carried out by Britons in 2011 could pass the £2.8 billion mark, according to a forecast from Santander.
The Spanish banking group notes that, at the end of 2008, the average credit card balance transfer was used to switch £2,290 to a new lending package.
However, in 2011 it is expected to stand at less than half that figure, around the £1,015 mark.
Credit card balance transfers are typically used to refinance the lending at a lower interest rate - often including interest-free introductory deals.
Santander Cards director Ian Coles says: "Our research shows that millions of people are switched on to the benefits of transfer offers and are choosing to take a proactive approach to managing their money."
With the average amount predicted to be close to £1,000, the coming year is expected to see £2.8 billion in total transferred by 2.8 million credit cardholders.
Use the myfinances.co.uk comparison site to find the best deal on credit cards and loans.
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