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11 May 2006
Canny card holders are considering switching £11.9 billion in balance transfers between credit cards in the next six months.
Around 5.78 million people are considering transferring their balance to a different card, reveals the study from Capital One, thinking about transferring £2,061 each on average.
While 2.44 million consumers are considering transferring £1,000 or less between cards, 693,000 are contemplating switching more than £5,000.
"Around 57 per cent of credit cards offer zero per cent interest on balance transfers, but people switching balances to these cards need to choose carefully because the length of interest free periods varies dramatically," said Justin Basini of Capital One.
Almost four in ten of credit cards offer zero per cent interest on balance transfers that lasts for only six months, says Basini, yet this is not long enough for many people to pay their balance off.
On average, card holders took just under ten months to pay off their balance, showed the study, with 43 per cent able do to it in six months or under.
If you are concerned about paying off a credit card or other loan, order your credit report and find out where you stand financially.
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