Coined in a survey last year rate tarts refer to the growing number of Britons who move a debt onto an interest free credit card, moving it again when the introductory offer expires and never pay any interest.

Zero per cent credit cards were in some ways the very embodiment of the low interest, cheap money environment of a few years ago. More recently these deals have been reined in as credit card providers realise that they are losing out.

The idea of a zero per cent introductory offer was that it would serve as a hook, encouraging people to move their debts, take on a new credit card and then start paying interest when the deal runs out.

But with so many companies offering these special no interest arrangements, people simply moved their debt around – and the rate tart was born. In many ways we should see this as reassuring. Listening to the press one could be forgiven for thinking that British consumers are careless and ignorant when it comes to money. Running up huge bills on credit cards and personal loans and saving nothing for the future.

The financial services industry has been calling on people to save more money for years, promoting ISAs and various other investment vehicles to ensure that people prepare properly for their retirement. Part of the reason for the failure of so many people to secure their financial future has been a lack of awareness. So much so that the government has backed simplified savings products in a bid to bridge the communications void.

Therefore, the very fact that people are making credit card offers work for them could be seen as a positive step. Understanding how the deals work and keeping track of when they expire demonstrates sound financial management.

It may well be that people haven't taken the interest in pension schemes and other long term investment that perhaps they should have. But the rate tarts show that Brits can be savvy with their cash, putting an emphasis back on the financial services industry to provide the kinds of products that people want to put their money into.

Part of the problem with savings accounts has been the relatively low rates of interest in recent years that have helped keep the economy so buoyant. Money is cheap and in relative terms getting a personal loan, a new credit card or even a mortgage is not as big a deal as it would have been in the past.

The kinds of debts that could cripple someone 15 years ago not only seem manageable now but are in fact rather commonplace. There is of course a downside because with low rates of interest there is less of an incentive to save. Your money will not grow as fast meaning that you might be tempted either to spend it or put it into something like property to get it working harder. With this in mind, it is little wonder that the buy-to-let mortgage market is doing so well.