Is it a good idea to do a balance transfer?

Completing a balance transfer is a smart way to manage and repay your debt. Doing a balance transfer is most helpful when you need more time to pay off debt, and you want to avoid paying high interest rates. Doing so can save you on interest while allowing you to pay off your debts faster. You may also have fewer monthly payments than before, which means less stress.

You’ll know it’s right for you when you look at the numbers to see how you’ll benefit. You should review the details of the transfer along with the pros and cons to determine whether you should move forward. Hint: If you have high rate card balances and can move your debt for free, it’s usually the right choice.