The number of cards offering balance transfers has fallen by 10% since the credit crunch began in 2007. As of today, 152 out of 219 cards offer balance transfers deals, 140 of them at 0%.

The average length of a 0% balance transfer period has remained relatively static, from 8.8 months in 2007 to nine months today.

Louise Holmes, spokesperson at Moneyfacts.co.uk, commented: 'Transferring debt to a card with a better rate has been a popular choice with borrowers for a long time. With many providers offering 0% balance transfer periods, cardholders had previously been spoilt for choice. There were many opportunities to transfer to a better rate and pay off the outstanding amount before the 0% period expired.

'The main reason for this decline lies with risk. Providers are wary of attracting debt from customers who could default at any time, and have the possibility of unemployment and economic hardship hanging over them.

'Attitudes to lending have changed considerably over the past two to three years. In such uncertain times, card issuers remain cautious as to how much and whom they lend to, so the prospect of accruing debt from another provider’s customer certainly doesn’t appeal.'

Story provided by Business Financial Newswire