Moneyextra: credit card balances increase in July

September 1, 2006

By Peter Kenny

Moneyextra: credit card balances increase in July Moneyextra, the personal finance website, has recorded a significant increase in the average balance transfer figure sought by visitors who use their credit card comparison tool in the month of July.

During July the average balance figure was calculated to be £2,933, an increase of over 10 per cent from the previous month and the highest recorded for six months. April 2005 saw the highest average balance transfer figure at £3,527.

Last month figures released by the Bank of England revealed credit card borrowing in July increased by £0.2 billion.

Moneyextra’s Robin Amlôt, said, " Outstanding credit card balances have risen by almost 20% since April and they’re set to rise further – with holiday costs, back to school costs and year-end festive spending to come. It’s more important than ever that people make sure they have the right credit card for their circumstances.”