Debt Advisers Direct is a trading style of Freeman Jones and part of the Think Money Group. We have over 15 years' experience helping people in debt and won numerous awards.
Brits switching `over 1bn pounds between credit cards`
02/04/2008
Over £1 billion is switched between credit cards every month by British consumers in order to avoid paying interest and building up debts, new research has revealed.
According to Sainsbury`s Bank, £1.1 billion is switched by 716,000 people across the UK in order to avoid credit card debt.
With the average interest-free period now lasting a little over nine months, a growing number of UK consumers are keeping an eye on the credit card market in order to get the best deal and not end up with debt problems.
Donald MacLeod, head of cards at Sainsbury`s, said: "There is a significant market for cards offering balance transfer, as our research indicates that 40 per cent of card holders think it will take longer than one month to clear their current balance."
According to Credit Action, the average UK consumer owed £4,748 in credit card bills and overdrafts at the end of January.
