Many Britons are switching their credit cards in order to reduce interest payments on their outstanding debt, it has been claimed.

Figures compiled by financial services provider Abbey show 51 per cent of card switchers do so to gain access to an interest-free balance transfer period.

And 29 per cent look to no-interest introductory periods for new purchases to allow them to accumulate further spending at no additional cost.

Roger Lovering, managing director of Santander Cards, which provides Abbey's credit facilities, comments: "These figures just show the intense competition in the credit card market.

"With £11 billion at stake, it's the credit card with the best deal that wins."

But credit card customers could find they are faced with increased personal debt once introductory offers run out.

Figures from Credit Action show that the average consumer credit debt at the end of August 2007 stood at £4,524 per person - including overdrafts and unsecured loans.

Opting for secured loans could allow Britons to access a lower rate than that attached to their credit card, while putting in place a fixed repayment schedule to clear their debts.ADNFCR-1287-ID-18319165-ADNFCR

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