Some two in three borrowers are not paying off their credit card debts within balance transfer low-interest periods, it has been found.
Research from Marks & Spencer Money (M&S Money) also discovered that men are worse than women at paying off their debts, clearing an average of 17.5 per cent of their balance before an introductory period ends.
And while 51 per cent of those with credit cards have transferred a balance, an average of 75 per cent is left unpaid after any introductory interest-free period ends.
Moreover, M&S Money suggested that the research showed transferring balances more as a method to delay paying debts, rather than confronting them quickly.
“The majority are not making the most of their low-interest deals and clearing their debt,” said Eddie Nott, deputy chief executive of M&S Money.
Therefore, the lender is urging consumers to consider credit cards with lifetime balance transfer offers which maintain the same rate until the debt is cleared in full.
M&S Money also offers personal loans, insurance and investment products.
This article: © Moneyexpert Ltd.
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