Credit card refinancing refers to moving one or more high-interest credit card balances onto another credit card with a low or 0% interest rate. With this method, you can lower your interest rate temporarily, which allows you to pay more each month, while paying less in interest.
The 0% interest rate is temporary, as credit card companies offer the low rate as an introductory offer, typically for 12 to 18 months. Once that period is up, the interest rate goes up, usually anywhere between 15% and 20%.
This method is sometimes referred to as a balance transfer, as you’re transferring your high-interest credit card debts to another card. This option typically comes with a transfer fee, which is a charge for moving your debt onto the new card, and can be up to 5% of the balance.  The goal here is to pay off the debt before the end of the introductory period so that you avoid the high interest rates.
Credit card refinancing is a do-it-yourself solution. If you need more assistance or would like a second opinion on your choices, Freedom Debt Relief is a helpful resource. It provides free debt evaluations, as well as help with negotiating and settling your debts. To learn more, read our in-depth Freedom Debt Relief review.