If you have a late payment, your introductory period will likely end and you will be assessed the ongoing APR on the transferred balance.

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This means that all of your purchases will accumulate bigger and bigger interest charges at higher purchase APR rates until your transferred balance is completely paid off.

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But anything spent on the card will be charged at the customer's normal rate, and any money paid towards the bill will go to clearing the transferred balance first.

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But imagine if they said that you now have a new one, which you have to pay 8% on: and each month, some of the old balance will be transferred to the new card?

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Arguably the deleveraging of the banks, the shrinkage in their balance sheets, has been transferred to the state.

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The toxic debt that was held by the private sector before the crisis has now been transferred to sovereign balance sheets as well as those of global central banks.

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