Consolidated Credit Counseling Service, become debtfree through debt consolidation, debt management and credit counseling. A federally approved non-profit organization . The pitfalls of balance transfers Michael Abramowitz, Staff Reporter Beware the traps that some credit card companies set when you move a balance from one card to another. Let's face it.
People are desperate to get out of debt, and they'll try anything to escape the money pit.
When the bills start to mount, consumers often consider transferring their account balances from one credit card to another. The lure of teaser 2 percent or 3 percent interest rates is especially tempting if you're carrying a card that wallops your wallet for 15 percent or more. What credit card companies don't want you to know Before you leap at the offer, experts warn to read the fine print. There are a lot of traps in transferring balances. They may miss the one paragraph that ruins the whole deal.