£1.1 billion 'switched between credit cards each month'

People in the UK will attempt to transfer close to £1.1 billion across credit each month, it has been claimed.

According to statistics from Sainsbury's Bank, an estimated 280,833 people will be looking to switch up to £500 between cards, while those moving more than £5,000 total over 30,000.

The body revealed that the average amount transferred is around £1,555 with one in ten looking to switch more than £4,000.

Donald MacLeod, head of cards at the organisation, said that there are a number of tempting offers on the market for those looking to switch,

"There is a significant market for cards offering balance transfers as our research indicates that 40 per cent of card holders think it will take longer than one month to clear their current balance," commented the official.

Money charity Credit Action has estimated that the current amount of personal debt in the UK totals more than £1.3 trillion.

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