There is increased demand for balance transfer credit cards as of late. This largely has to do with the fact that there is now more credit card debt in the United States than ever before. It has become a full on explosion of debt in a lot case. As such, there are many more people searching for balance transfer credit cards than there were before.
People want to have the cards that they do have transferred over to a card with a zero percent interest rate. That has been possible in the past. The introductory rate only lasts for a certain period of time of course, but at least it gives some relief to those who are struggling to get caught up with their credit card bills. Now, those cards are going to become harder than ever to find says CNN Money.
The expectation is that the window of time that the zero interest rate is offered will also decrease with the balance transfer cards that are available. Right now, one can typically get a card that has a no interest period of between nine and twenty-one months. That is expected to decrease in a lot of ways in the near future.
It is a sad thing to see that so many who might have benefitted from a balance transfer to lower their total credit card debt may not be able to get it now. There are still other ways to get out of credit card debt, but this was one tool in the arsenal that is going away rapidly.