by beconrad

Getting out of debt is never easy, and it can be even more difficult if the debt you are carrying has a high interest rate. Paying off a high balance on a credit card with a high interest rate can take years or even decades, leaving you further and further behind each month as more and more of your income goes to servicing that ever spiraling debt.

Fortunately, there is a way to beat the credit card companies at their own game by taking advantage of 0% and low interest offers on balance transfers. This strategy takes some work, and the credit card issuers are counting on you not following through. But if you can persevere and make it through the maze of fine print, you can use the credit card companies own offers to improve your financial situation and pay off your debts.

Watch Your Mail

The first step is to find those great 0% and low interest balance transfer offers. Once you find those offers you can start playing the balance transfer game to win. Watch your mail for the offers that interest you, then sit down and read the fine print of each card carefully.

What the credit card companies count on is that you will forget when those low teaser rates expire, and you will be caught with a high balance when the interest rates go back to normal. In order to make the 0% balance transfer game work in your favor, you need to keep track of those expiration dates and be ready to move on before they arrive.

Start by gathering up all your high interest credit card bills. Make a list of how much you owe on each one, and the interest rate you are currently paying. If you are unable to transfer all of your balances to the new lower interest rate cards, focus on moving the balances with the highest interest rates.

As soon as you have your shiny new 0% balance transfer card in hand, start using the balance transfer checks to pay off your high interest credit cards, then cut up those credit cards, or at least put them away in a drawer, where they will not tempt you to overspend.

Once the balances are transferred, focus on paying those balances off as quickly as you can. If that means cutting back your spending and forgoing luxuries for a month or two, so be it. Scrimping a bit now can help you gain financial independence and freedom from debt in the future. The faster you can pay your high interest balances the easier it will be to win the 0% balance transfer game.

If you are able to pay off the entire balance before the expiration of the initial teaser rate, congratulations. If not, you will have to move the remaining balance to a new card with a low teaser rate. As you proceed, the outstanding balance should get smaller and smaller, until there is no high interest rate debt remaining and you can get on with the rest of your financial life.

This article is for educational purposes only and is not financial advice. Consult your financial adviser or other professional before making a decision about any financial transaction.