We've all seen the adverts, with many companies grabbing our attentions with 0% interest deals on credit cards (usually through clever advertisement campaigns involving flashy graphics and dancing hamsters - to name but a couple)
And new research, carried out by a leading supermarket banking firm, found that over 4 million of us plan on transferring balances from their credit cards - commonly known as 'stoozing' - with the average amount transferred being somewhere around the ?1500 mark.
So the idea of a credit card that offers 0% interest over 12 months might not be ideal for those with only a small amount of debt to clear.
0% credit cards can be useful for spreading payments over a period of time, but not everybody requires these lengthy interest-free periods.
Cue the introduction of a new type of credit card, which offers a shorter 0% interest-free period, providing value for money and peace of mind for people with smaller debts - and with no fees to pay.
Short term fee-free credit card deals can often work out better for those for those with small debts. They allow the opportunity to pay off small amounts of debt without having to pay interest or fees.
And whilst such deals could also be tempted for 'rate tarts' - applications for such cards are usually strict, and will more than likely be offered to people with above average or excellent credit ratings - usually based on existing credit cards and whether or not they have arrears or CCJs.
For those on the lookout for credit cards, it is important to ensure you have a good credit score before applying. And it's always best to shop around for the best deal, take some time to evaluate your finances and compare card deals - it usually helps to get quotes from each one you are considering using.
Your credit score can play a major part in how much you are allowed to borrow, by keeping an eye on your credit score and ensuring it stays positive you can increase your chances of borrowing larger amounts in future.
