That is less than half of the £7bn being transferred this time last year, according to research from the market’s new banking heavyweight Santander.

The bank says the number of borrowers likely to transfer a balance has risen by a third to 4.5 million, but the average sum being transferred has dropped by 50%, from £2290 to £1140, as debt continues to be paid down. Among the under-55s, almost 20% of borrowers will be looking to sign up for a new card in order to take advantage of increasingly seductive introductory balance transfer offers.

Emma Roberts, director at Santander Cards, said: “The number of people transferring balances has risen year on year, while the amount being transferred has fallen dramatically. This is a clear sign that consumers are becoming savvier when it comes to managing their finances.”

The research also highlighted considerable regional disparities with cardholders in the south-east of England shifting an average balance of £1807, compared with only £908 in Scotland and £149 in the north-east of England.

A third of borrowers in Northern Ireland are planning to open a new card, and 25% in London, but only 13% in Scotland.

Santander is offering a 0% rate on balance transfers for 15 months, as well as 0% on purchases for three months. The rate then reverts to what the bank calls a “highly competitive” 15.9%. The lowest rate for regular purchasing, however, is 6.8% from Barclaycard.

Santander’s 15-month offer is distinct from its Zero card, which charges 0% for 12 months on transfers and three months on purchases, and has no foreign exchange fees, but subsequently reverts to 18.9%.

The other current best buy offers, as listed by Moneyfacts, are from Virgin Money (16 months at 0% then 16.6%) MBNA Europe Bank (13 months at 0% then 15.9%), and three cards with a 13-month zero rate reverting to 16.9%, from Halifax, BT, and Nationwide.

Retailers turned lenders are battling it out among the 0% introductory purchase offers. Tesco levies 0% for 12 months then 16.9%, while both Sainsbury’s and Marks & Spencer offer cards at 0% for 10 months then 15.9%.

According to research released this week from the professional advice website unbiased.co.uk, the urge or the ability to pay down our debt weakened in the third quarter of 2009 as uncertainty grew about economic recovery.

Savings levels fell from £19bn in the second quarter to £13bn in the third, with debt levels falling by only £1bn to £4bn – still double their level at the start of last year. Even gloomier is the prediction that some 24,000 Scots will have entered bankruptcy in 2009, with a similar number of people expected to go bust this year.

Bryan Jackson at accountants PKF which produced the figures commented: “The sad news is that this is a pattern which is likely to be repeated, not just in 2010, but for many years to come as the long term impact of the recession and the credit boom continues to be felt by individuals many years after initially incurring their debts.

“While the new year is often seen as a time for reflection and resolution, it is to be hoped that many Scots will start the year as they mean to continue and reduce their debts and ease their financial problems.

“For those who don’t their future is likely to involve serious financial hardship as credit sources are reduced and lenders continue to increase the cost of borrowing.”