It seems the recession has made us more financially savvy, with 4.5 million Brits looking to change their credit cards, according to the results of a new survey by Abbey. The last year may have seen us tighten our purse strings in order to weather the economic downturn, but it also made us sit up and pay attention when it comes to personal debt. Undoubtedly many people included paying off debts among their resolutions for 2010 so it’s no wonder we’re shopping around for the most competitive interest rate.
The survey found that an average amount of nearly £1500 worth of credit card debt will be moved between different cards and providers in the first three months of the new year. This means that 10% of UK card holders will be looking to move nearly £3.5 billion before the end of March - which is commonly when introductory offers for new customers and balance transfers ends.
Emma Roberts, director at Santander Cards, said: “The number of people transferring balances has risen year on year, while the amount being transferred has fallen dramatically. This a clear sign that consumers are becoming savvier when it comes to managing their finances.”
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