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2007
Research shows Brits to transfer Credit Card debit balances
Wednesday January 2, 2008
Transferring your debit balance is not just an Australian idea with research in the UK showing that more than 3 million people will be transferring their existing credit card debt to another bank.
The balance transfer credit card is a popular way for people to get on top of their debts with many financial institutions offering low interest incentives for people to transfer their credit card debt to their bank.
While banks are obviously in the business of making profits for their shareholders, gaining your business this way, while costing the bank initially, will be profitable in the long term with many credit card users eventually running up a debit balance.
The UK survey showed that men aged in their mid 30s to mid 40s were the most likely to transfer their debit balance.
