Credit card balance transfers at 12 month high – Alastair Douglas comment

Commenting on the latest credit card stats released yesterday by UK Finance, Alastair Douglas, CEO of credit experts TotallyMoney, said:

“Even though credit card providers continue to slash the duration of their 0% balance transfer offers, that in no way diminishes consumer demand for them.

“According to UK Finance, there were 664,000 balance transfers in January alone, totalling £1.49 billion — the highest figures seen for 12 months.

“If you only have a few months left on your existing 0% deal, it might be worth considering switching to another product now, before the duration of 0% balance transfer offers falls even further.

“However, I would urge customers not to rush into making panic applications and risk damaging their credit rating. Instead, they should sign up for a Free Credit Report to check their Borrowing Power and product eligibility. Then they’ll find out which cards they the have the best chance of being accepted for.”

 

For more information, please contact James McCaffrey

About TotallyMoney

TotallyMoney has been championing fairer and better consumer credit since 2007 by helping customers make smart borrowing decisions. We won Best Free Credit Report Provider in the 2018 Moneynet Personal Finance Awards and since its launch in 2017 our Free Credit Report has already put more than one million customers in control of their credit data.