Credit Cards

The findings also highlight that there are more than one in three credit card holders who are currently paying interest on their credit card balances.

Donald MacLeod, head of cards at Sainsburys, said: Its not surprising that 0% balance transfers are popular, as our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend.

When choosing a card its also worth considering any purchases you may make and ensure that they are also covered by a 0% period.

In terms of those people planning to transfer balances between credit cards over the next six months, Sainsburys Finance research also reveals the average amount people plan to switch is £1,555.