Brits swap £9m in credit card debt

British credit card holders are planning a frenzied period of activity as they move up to £9 billion worth of funds to new cards in the new year.

Research from Abbey Credit Cards indicates that cardholders will be shifting an average of £2,666 in the first quarter of 2008, with more than three million British credit cardholders set to shift balances.

Men and women were seen as equally likely to swap, but men typically had the bigger balance – with £3,395 being moved on average, against £1,820 for women.

Those in the south-east were expected to be particularly active, being twice as likely as those living in Scotland to transfer a balance to a new card.

Abbey Credit Cards managing director, Roger Lovering, said: "It’s great to see that many people are already turning their attention to getting their finances in order.

"January credit card bills can often catch people by surprise, so we would encourage people to keep a check on their finances over the festive season and plan ahead to ensure they aren’t paying over the odds for their plastic."

The base rate currently sits at 5.5 per cent, after the monetary policy committee voted unanimously to reduce it by a quarter of a percentage point earlier this month.