Credit card charges 'costing Brits £9bn a year'
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Credit card charges mean that people in the UK are left facing around £9 billion of "needless" debt every year, according to Abbey.
Credit card companies charges are leaving Brits facing a total debt burden of around £9 billion a year, according to research published recently.Abbey, the credit card provider which conducted the research, found that around 69 per cent of people in the UK have at least one credit card. These customers carry an average credit card debt of £3,256.
The bank claimed that much of this debt could be avoided by moving it across to a zero per cent balance transfer credit card, but revealed that more than half of credit card holders have not done this.
Callum Gibson, head of credit cards at Abbey, said: "By transferring an outstanding credit card balance to a zero per cent deal, Britons could save an average of £443 a year, a huge cost saving in today's difficult economic climate."
Recently, a zero per cent balance transfer card from Abbey took the prize for best new product of the year at the Card Awards.
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