4.5 million Brits plan to transfer credit card debt in the New Year

According to research by Santander Cards, more than 4.5 million Britons are planning to transfer over £3.2bn of debt between credit cards in the first three months of 2010, myintroducer.com reports.

It is thought that people will be looking to move their balances `to take advantage of introductory balance transfer periods`.

The number of Britons looking to transfer credit card debt has increased by a third compared with the same time a year ago.

Director at Santander Cards, Emma Roberts, said: "The number of people transferring balances has risen year on year, whilst the amount being transferred has fallen dramatically; this is a clear sign that consumers are becoming savvier when it comes to managing their finances."

A spokesperson for debt management company Gregory Pennington commented: "It is important to bear in mind that transferring credit card debt to a card with a lower interest rate will not actually reduce an individual`s debt. It may help them manage their debt in the short term, but card holders should make sure they think about how they`ll actually clear their debt."

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