How to Transfer Credit Card Debt to Avoid Interest

Credit cards are an ever-increasing part of our capitalistic culture and the credit card companies know this. They are raising interest rates and penalty fees, making it very easy for the average person to become consumed by their debt even more quickly than before. However, by making smart balance transfers, you can pay off your credit card debt and avoid paying those astronomical interest fees. It just takes a little discipline and organization.

Things You'll Need

• Credit card offers

Instructions

1. Make a list of your credit card balances. Organize this list by highest interest rate to lowest interest rate.

2. Search for a balance transfer offer with an introductory interest rate offer of zero percent.

3. Transfer as much of your debt as you can to this card, starting with the balance on your highest interest rate card.

4. Find as many zero percent interest rate offers as you can qualify for, and continue to transfer your debt with the highest interest rates.

5. Create a spreadsheet to keep track of when your introductory offers will end.

6. Repeat steps 2 through 6 one month before the end of each of your introductory periods.

Tips & Warnings

• If you can make more than the minimum payment every month, do it. This will help you pay down your debt even faster.

• Balance transfers can take a few weeks to be finalized, so if your due date is coming up, check with your credit card company to see if you need to make a payment. You don't want to end up with a late fee after you've done all this work!

• Read the fine print with every offer!

• You must transfer your balances again to another zero percent interest offer before your existing introductory offer is over. Otherwise, you will get slammed with their interest rates while you are looking for another offer.