Card swapping sums up debt culture

Such is the state of Britain's debt culture that the nation swapped £6.5 billion in balance transfer deals this year, new figures have revealed.

Research from Moneyexpert.com shows that around eight million people transferred an average of nearly £760 each, despite credit card balance transfer fees as high as three per cent.

This means Britons looking for a cheap credit card could pay £150 on a balance of £5,000, though long-term savings could be possible through such deals.

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