Debt Management

Balance Transfers 101: When Moving Debt Saves Money—and When It Backfires

A balance transfer can sound like a financial cheat code when your credit card interest is doing way too much. You move your existing balance to a new card with a lower promotional rate, sometimes even 0% for a limited time, and suddenly your payments have a better shot at attacking the actual debt instead of getting swallowed by interest like rent money on the first of the month.