Sainsbury's: Billions transferred on cards
Money-savvy Britons are transferring £1.1 billion per month between credit cards, Sainsbury's Bank said yesterday.
The credit card provider attributed the trend to consumers trying to save on repayments by moving their debt onto zero per cent APR cards.
In turn, this allows them to pay off credit cards more easily.
Sainsbury's Bank found that 716,000 customers are making the transfers each month - and that the average balance stand at £1,555.
The firm also said that one in ten balances transferred exceed £4,000 - testifying to the scale of the debt problem in the UK.
Head of cards at Sainsbury's Bank, Donald MacLeod, advised: "Although there are a number of credit cards offering introductory zero per cent on balance transfers, there is a considerable difference in their duration so people need to choose carefully."
According to figures released late last year by charity Credit Action, the total level of personal debt in the UK is approaching £1.4 trillion.
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