4.5 million `to transfer credit card debt in New Year`

11 January 2010

More than 10% of Britons (4.5 million) are expected to transfer credit card debt to another card in the first three months of 2010, according to new research from Santander Cards.

This number has risen by a third compared with this time last year, as many cardholders look to take advantage of introductory balance transfer periods on new credit cards in order to make their debt more manageable.

A debt expert at Think Money, however, said that borrowers should be cautious about using balance transfers as a debt management strategy.

"Transferring credit card debt between cards can be an effective way of minimising interest and making the debt easier to manage, but this in itself does not pay off the debt. Borrowers should ensure they have a plan of action for how they will actually clear their debts.

"Anyone who is unsure about how they will repay their credit card debt should discuss their options with an expert debt adviser."

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