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More than 3 million credit cardholders (7%) are planning to shift at least £8.99 billion excess pounds to new credit cards in the New Year according to research from Abbey. On average, cardholders will typically be switching £2,666 in the first three months of 2008. Although men and women are almost equally as likely to be planning to take advantage of a balance transfer credit card deal, (8% and 7%), men are planning to switch much larger balances than women (£3,395 vs. £1,820). The research also found a geographical divide - those living in the South East of England almost twice as likely as people living in Scotland to be planning to transfer a balance to new plastic (9% vs. 5%). Midlanders are set to transfer the largest balances (£3,021), in contrast to the Welsh who plan to shift an average of £2,022. Additionally, those aged between 35 and 44 years are most likely to be planning to take out a new card with a balance transfer offer - 11% of this age group indicating they would be switching plastic compared to just 3% of over 65s. Roger Lovering of Abbey Credit Cards makes the point that January credit card bills can often catch people by surprise, so people need 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.
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