There’s nothing enjoyable about credit card debt. An outstanding balance of $5,000 at 29.99 percent interest means you’re paying about $1,500 per year just in interest. Imagine if that $1,500 could instead go toward repaying the balance. You would pay it off much faster instead of stretching it out over years. And years.
If you’re carrying credit card debt, strategically using a balance transfer could help you escape the burden. However, there are risks to be aware of—pitfalls that could worsen your situation if not handled strategically.
