Billions of pounds ‘set to be switched’

Billions of pounds worth of credit card debtlooks set to be switched from one provider to another in the early weeks of 2008, according to a recent study.

Research by Abbey found that around three million British consumers, who collectively account for close to £9 billion in credit card debt, plan to switch their service providers in the new year.

People aged between 35 and 44 are among those most likely to be taking advantage of a balance transfer offer over the coming months and men intend to switch considerably larger amounts on average than their female counterparts, Abbey reports.

“It’s great to see that many people are already turning their attention to getting their finances in order,” said Roger Lovering, managing director of Abbey Credit Cards.

“January credit card bills can often catch people by surprise, so we would encourage people to keep a check on their finances over the festive season and plan ahead to ensure they aren’t paying over the odds for their plastic.”

Apacs, the UK’s payment association, predicted that close to £11.7 billion worth of credit card debt would be accumulated across the country over the course of this month.

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