Don’t put balance transfer bandage on serious debt wound

By: Josephine Lim | CreditCards.ca | July 17, 2015

Read More, and see what Mike Chronowich says about when a balance transfer is advisable.

Balance transfer credit card offers can be hard to resist, especially as issuers compete for your business by offering super-low interest rates and transfer fees. Whether you have moderate or steep debt, paying low or no interest for a few months, or even a year in some cases, can seem like the answer to your problems.

But that’s not always the case. Some situations are better suited for a balance transfer than others, and if yours isn’t one of them, you could end up in a deeper debt hole.