Debt problems: credit card transfer
04/01/2011Many people worrying they may be about to encounter debt problems with credit cards in the New Year say they'll shift debt between cards to capitalise on a lower rate of interest.
Almost a third of people with credit card debt have reported they hope to transfer a typical debt balance of £1,015 to another card in 2011.
The research from Santander shows more than half these consumers will carry out this debt management exercise within the first three months of the year.
Director of Santander Cards, Ian Coles says: "People are switched on to the benefits of transfer offers and are choosing a proactive approach to managing their money."
Kevin Still, Director of Atlantic Financial Management says: "Transferring credit card debt balances from one card to another can be viable provided you stop using the high interest credit cards otherwise there is a risk of a debt spiral." 
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