If you have high interest credit card debt, balance transfers can be a great way to save some money and pay off your credit cards more quickly. Basically, a balance transfer is a way to consolidate your debt on a credit card at a lower interest rate than what you are currently paying. Instead of paying interest rates of 20% or higher, you may be able to transfer your credit card debt to a credit card with a lower fixed interest rate than what you are currently paying; possibly as low as 0% if you qualify for a 0% balance transfer credit card.

The first thing you will need to do is gather all your credit card bills and add up how much you owe and the interest rates on each card. If you haven’t done this before you may be shocked at how much interest you are paying! You may get angry once you see how much of your payment reduces your debt and how much goes straight to the lender. Use that as motivation to get out of debt more quickly!

After you determine how much you owe and the interest rates, you need to lo