What You Need to Know About Balance Transfers
One of the common ways to manage multiple credit cards and pay off debt quickly is by doing a credit card balance transfer. This is when you move your balances from one or multiple credit cards to a single card that offers a much lower interest rate, usually for a fixed period of time. Typically, you'll find balance transfer offers advertised at a 0% introductory interest rate.
Doing a credit card balance transfer might work if you're trying to save money on interest while you pay off your debt. But it's also a huge trap people fall into! This is because credit card companies offer balance transfers and the associated incentives as a way to make money.
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