A very recent survey result conducted by the Citibank Credit Cards of Asia-Pacific countries revealed that majority of the Kiwis depends heavily upon their credit cards. As per the study, in fact, over 50% of the respondents admitted that they would feel absolutely lost without their credit cards in their wallets.
The study results and the facts and figures clearly portray the importance of credit cards, which according to the survey respondents are one of the most convenient and common forms of payment for any kind of purchases. With financial advances like the touch less Visa that has already been set to roll out round the world for low value transactions; and as a result, over the next couple of years the conventional 'cash dominated society' can possibly get a 'run for it's money'!
Compared to the rest of the world economy, Aussies turned out to be one of the most frequent card users using their flexible friend nearly 5.4 times a week on an average. With this sudden hike in the number of credit card users, the Reserve Bank of Australia brings out a monthly report on credit card debt. The report graphs have shown a steady increase in Australia's credit card debt standing out at $36.4 billion as of April 2007. And finally, when it comes to choosing a credit card, almost 50% of Australians share a common platform. They believe that the rate of interest being offered that is the deciding factor when choosing a credit card.
John is a well known finance expert in Australia and owns many finance websites/blogs. In his spare time he enjoys writing articles. For more information visit: http://www.credit-card-offers.com.au or http://www.savings-accounts.com.au
What will happen to the debt on a citibank credit card if citibank ceases to exist?
Answer
Let's look at Washington Mutual (WaMu). When WaMu hit hard times, JP Morgan Chase bought WaMu and all WaMu customers are now Chase customers. The name on the top of the statements changed - that's all. The accounts didn't change, the debts didn't go away, business as usual.
If someone buys CitiGroup, it will be handled the same way.
Incoming search terms:
Related posts: