Whatever your debt total, your ability to eventually pay it off will depend on "decreasing discretionary spending or increasing income," says Melia. You're consistently late paying your bills Ultimately, "if you're opening low or no-interest rate credit cards to pay off other ones, you probably have too much debt," says Noah Damsky, a chartered financial analyst at Marina Wealth Advisors in Los Angeles. And balance transfers only provide temporary relief - you'll have to pay off that debt eventually.
Plus, you can be rejected for low-interest balance transfer offers if your credit score is too low.
There are some downsides, however: Balance transfers require credit checks that can hurt your credit score and usually have fees of 3% to 5%, which can add to your debt burden. Balance transfers are what they sound like: You move your outstanding debt balance from an old card to a new card, and with 0% teaser interest rates, you don't have to worry about interest payments, at least for a while. One way to pay down credit card debt faster is through a balance transfer card that offers a 0% interest rate for a limited time, usually 12 to 21 months.
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