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Can credit card balance transfers help?

If you struggle with debt, you may wonder if there are alternatives to bankruptcy that may allow you to get your debt under control. One such alternative is a balance transfer. Credit Karma explains a balance transfer as the name suggests is when you transfer the balance of a credit card to another credit card. Generally, when you do this the card you transfer to has a lower interest rate, often no interest rate for an introductory period.

If you can save a significant amount on interest by transferring to a very low-interest card, a balance transfer may help a lot. Keep in mind that you still have to pay off the debt. It does not eliminate or reduce what you owe. It just offers savings in the long run. You may also get lower monthly payments depending on the difference in interest rates.

A balance transfer can help if you only have one credit card or can transfer all your credit cards to one card. Otherwise, you will not get much help from doing it. In addition, you need to check out any fees applied when transferring a balance. Some cards may charge a large fee, which will add to your debt.

The bottom line is that a balance transfer may help in limited cases, but for most people who struggle with debt, it is not an effective solution. You may end up just prolonging your issues with little to show for it. This information is for education and is not legal advice.

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