Balance switching could lead to debt management
04/01/2010We're expected to move £3.2 billion onto new credit cards over the next three months.
Santander predicts four a half million balance transfer credit cards will be taken out in the New Year, as consumers try to take advantage of interest free periods and special offers.
There's a warning though to cut up or hide old cards to avoid the debt building up.
Kevin Still, Director of Atlantic, says "There is a difference between taking control of your finances and potentially getting into a debt spiral."
He says Atlantic sees many people starting Debt Management Plans or IVAs where some form of debt consolidation or balance switching exercise has failed.
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