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More Brits looking to transfer debt
Some 4.5 million Britons are expected to transfer their credit card loans in the first three months of 2010, it has been revealed.
Studies by financial services provider Santander show that £3.2 billion will be moved to new credit cards during the period, with the number of Britons planning to do so rising by a third compared to this time last year.
The total amount of debt being transferred has fallen by more than half, from over £7 billion 12 months ago.
Emma Roberts, director at the group, commented: "It's encouraging that so many Britons are planning to take control of their finances in the New Year by transferring an outstanding credit card balance to a zero per cent deal."
Last month, debt management specialists MoneySolve recommended that consumers in the UK should aim to use debt consolidation loans and other similar financial products to gain control of their finances.