Balance transfers offers can cut your card debt

It may seem odd to address a credit card debt problem by taking on another credit card but introductory interest-free or low-interest credit cards can be an option for people with high interest card debt.

"Be aware that such offers are usually only for a limited time, and only for the initial amount you transfer on to the card, before it reverts to the standard interest rate," Community CPS Australia chief financial officer Wayne Matters says.

"Make a budget to determine whether you can pay off your debt in the introductory time period. Otherwise it could end up costing you a lot more once higher interest rates apply."

Source: The Daily Telegraph

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