Banking expert explains risks of 0% card transfer deals
Credit card debt reached £57bn in September - helped in part by balance transfer deals offering 0% interest for up to 30 months.
However, the average balance at the end of such deals is £2,400 according to Consumer Intelligence, and one fifth of people had their 0% rate cancelled due to problems making payments.
Speaking on BBC Breakfast, banking specialist David Black from Consumer Intelligence said: "Once a 0% deal ends, the interest rate goes up dramatically."
21 Nov 2013
- From the section Business