Consumers are being advised to prepare for the coming end of 0% balance transfer deals on their credit cards. From the end of last year to the early months of this year approximately five million consumers have switched their credit cards, however, with the current situation it is becoming increasingly hard to switch cards and still continue with interest free credit.

So what can consumers expect once the interest free period is over? Findings now show that the average standard interest rate offered on credit cards is currently 16.49% as opposed to the 15.11% rate offered in August 2007.

There are many financial advice companies offering ways to avoid such rates and their effects. How easy this proves for a consumer depends on a number of factors such as how much debt they have, how quickly they can repay it, and their credit score. The better they rate on such factors the easier it will be for them to grab the best 0% deal available.

Despite the interest increase on credit card balance transfers, what also should be considered is the increase in number of cards available. There are now one hundred and twelve cards offering interest free credit, which has increased from one hundred and five that was available at the start of the year.

So despite the pushed warnings consumers need not panic and instead research thoroughly before the interest free deal reaches its end.