The Right And Wrong Ways To Use Credit Card Balance Transfers

When trying to pay off credit card debt, one strategy is to "surf" or switch back and forth between cards with the lowest balances. If done the right way, you can pay off your bills a lot faster with lower interest rates. But if not done correctly, you can end up stuck even deeper in debt!

• Get a select handful of credit cards

• Rotate your balances between these cards

• Stop using the cards for purchases

• Don't keep getting more and more and more cards

• Pay more than the minimum payment (at least on one of the cards)

• Keep getting more cards

• Keep using the cards and eventually maxing them out

• Paying only the minimum monthly payment

It's a good idea to write down a list of cards, how much you owe, interest rate (and when it expires if a promotional rate, and monthly payment. Pick one card to pay off first, and add as much extra to the monthly payment as you can afford.

When the "teaser rates" expire, contact one of your other cards and find out how much it costs to transfer a balance, and what the interest rate will be. Then transfer your high interest balance to the low interest card (and make a regular payment first).

If you keep doing this WITHOUT using your cards to add more debt, eventually you'll start seeing your credit card balances shrink!

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