Many people have been taking advantage of 0% balance transfers on their credit cards for so long, that it has become as natural a habit as monthly repayments. Unfortunately, due to the credit crunch, these people could be in for a rude awakening when they next try to transfer their balance.

This is because the repercussions of the credit crunch are still being felt throughout the financial industry. No more is this apparent than to credit card users attempting to shift their credit card balances, before being charged interest. These people will find the opportunities for cheap credit diminishing, if not vanishing entirely, as financial institutions can no longer afford to allow 0% benefits to their customers.

The upshot of this is many people will start losing control of their non-priority debts, which may affect their ability to make mortgage repayments. And when you consider that Sainsbury’s Finance factors around 716,600 people will try to transfer around £1.1 billion a month between credit cards this year, is quite a concern for many people.

If you are running out of time on a 0% interest deal, and need some advice on the best options available to you, then please contact a member of our team. We’d be more than happy to offer you a free, no-obligation chat.