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Have we seen the last of the 0% credit card balance transfer offers?

The UK credit card industry has mushroomed in size over the last decade as debt in the UK has become commonplace and debt levels have risen to record highs. However, many people have for years depended upon an array of 0% credit card balance transfer offers to ensure their interest charges are kept to a minimum allowing them to pay off more capital and ultimately repay their debt over a shorter period of time.

Unfortunately, the onset of recession have seen a number of these 0% balance transfer offers disappear from the market and those looking to move on when their current deal expires may have problems. Research has shown that one in 10 people applying for a credit card last year were rejected with just over 50% of these rejections in relation to balance transfer offers. It is becoming more and more apparent that credit card companies are retaining their best deals for those with impeccable credit scores thereby leaving the rest of us to fight for the scraps.

The ability, in the past, to move between different 0% balance transfer deals would appear to have disappeared, at least in the short term, leaving many people in the UK on the edge of financial trouble.

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