Balance transfer customers are missing payments and adding to their debt

TotallyMoney.com has released the findings of their latest research which claims that 25% of the total number of people who went after cheap balance-transfer credit cards, have missed at least one monthly payment in the past year. In most of these cases, they have to pay an interest fee of around 20% per year, in addition to their already debts.

The research was conducted after Barclaycard

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Differing rates of credit card balance transfers

A large number of people are transferring balance between credit cards nowadays and more than ever. There are some credit card companies that offer low transfer fees for people such as Royal Bank of Scotland, Lloyds TSB Platinum, and Nationwide. Among the three credit card companies mentioned prior, Royal Bank of Scotland offers the cheapest transfer fee equivalent to only 1%.

Lloyds TSB Platinum and Nationwide

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