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0% deals 'missed out on by cardholders'
Britons are potentially locking themselves into a debt spiral - and putting themselves in need of a debt consolidation loan - due to their own slackness in seeking out best-buy credit card deals.
According to a poll from Abbey, 19 per cent of customers currently have plans to switch their card debts to a zero per cent deal, where no money is paid in interest for a fixed period of time.
Less than £1 in every £4 of the nation's total card debt was found by the study to be covered by such a deal.
Moreover, the typical debtor was found to hold a balance of £3,250 - an amount that can increase quickly under a typical 15 per cent annual rate.
Callum Gibson, head of credit cards at Abbey, commented: "By transferring an outstanding credit card balance to a zero per cent deal, Britons could save an average of £443 a year, a huge cost saving in today's difficult economic climate.
"At a time when people are having to manage their finances more carefully, transferring to a zero per deal is a sensible way of ensuring your money goes further."