Found a cheaper credit card that we never had. Like to know if transferring balances from one card to another really helps or is it just a gimmick. – Carl


Transferring your high interest credit card debt to a zero or low interest card can be helpful as you move towards eliminating all of your credit card debt. We don’t think it’s something you want to make a habit of (it can negatively affect your credit score), but less interest can certainly mean your debt is gone faster. You should be aware that there are typically fees to make these transfers and that the “gimmick” is that the rates typically only last for a short period of time. So, as you evaluate offers consider the transfer cost and the length of time the lower rate lasts as well as what the rate becomes once the transfer rate expires. Of course, the real key to paying off that debt is living within your means! Build a budget in which you spend less than you earn and use the rest to pay off debt or save for the future.