Brits ‘being hit’ by balance transfer hikes

Many British consumers are facing increased pressure on their personal finances as a result of rising balance transfer fees, according to a recent report.

Moneyfacts.co.uk has claimed that since people with credit card debt first started being charged for transferring their balances four years ago, the associated costs have become increasingly difficult to pay off.

The price comparison firm is also convinced that the tightening of lending criteria has made it more difficult for consumers to be approved for an attractive balance transfer or interest rate deal.

“With increasing levels of personal debt, the market for transferring balances has become more competitive, but for the consumer it has become harder to get these deals,” a statement from Moneyfacts.co.uk read.

A report from the Office of Fair Trading recently suggested that millions of Britons are essentially wasting their own money by failing to secure a good deal from their credit card provider.