Credit Card Balance Transfers Continue To Soar Says Sainsburys Bank

Over the coming six months there will be well over four million people transferring over GBP6.5 billion between credit cards according to recent research by Sainsburys Bank.

The research also found that over a third of credit card holders are paying interest on their balances currently, no doubt driving the move towards 0 percent balance transfer deals. It is becoming harder for consumers to manage their finances as more and more pressures are heaped upon them, so the option of saving the cost of interest on a credit card debt is a quick and easy way to reduce some of that pressure say Sainsburys Bank.

Looking at the sort of figures being transferred Sainsburys Bank saw the average amount come in at just over GBP1,500, although there are almost a hundred thousand cardholders who are transferring balances of over GBP10,000.