- Wednesday, 5 May 2010Borrowers should move their debt to avoid paying more as zero per cent balance transfer interest runs out on credit cards, warns a financial expert.
Consumers who are paying off debt by using balance transfer cards should be aware that when that deal runs out they will need to move their debt to another card to avoid paying thousands in interest.
Specifically, cardholders who took out a balance transfer card at the start of last year to consolidate their debt should be wary as the longest zero per cent transfer offer on the market is 16 months , meaning it is soon due to expire.
Kevin Mountford, head of banking at moneysupermarket.com, said: "An interest free balance transfer card can be a great option for consumers with existing debt who need flexibility."
He added that those who had not managed to clear their debt by the end of the interest free period should switch cards before they start paying as much as 16 per cent interest on money owed.
The new Clydesdale and Yorkshire Banks' Gold MasterCard with zero per cent interest on all balance transfers for 16 months and all purchases for three months could be a good choice for those wanting to swap their debt in order to pay it off.
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