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Scots calm as UK `goes switching crazy`

27/02/2008

Consumers are likely to transfer more than £6.6 billion between credit cards in the first six months of 2008, new research has revealed.

According to a study by Sainsbury`s Finance, many customers are likely to take advantage of the many interest-free periods being offered on credit cards throughout the market.

Only five per cent of consumers in Scotland are likely to switch card providers in order to limit debt problems – compared with 15 per cent of credit card customers in the south-west of England.

In the south-west of England, 15 per cent of credit card customers are likely to switch.

Donald MacLeod, head of cards at Sainsbury`s, said: "It`s not surprising that zero per cent balance transfers are popular, our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend."

According to Credit Action, at the end of December the average UK consumer owed £4,713 on credit cards and overdrafts.


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