Credit Where it’s not Due – Britain’s 0% Balance Transfer Trap

CREDIT WHERE IT’S NOT DUE – BRITAIN’S 0% BALANCE TRANSFER TRAP
Zopa reveals the extent of UK credit card debt with their Back-to-Black report

£810 million – the shocking amount paid in balance transfer fees in the UK.[iv]
Nearly half (49%) of credit card 0% balance transfers are not repaid within the 0% period
A quarter of people who own credit cards and store cards have been building up their debt over five years or more
The average UK resident carries debt of almost £10,000
Almost a third (£2,855) of this is attributed to credit cards
16 million[i] credit card and store cardholders don’t know how much their card charges for purchases if their bills are not repaid in full.

[Read more...]