Balance transfers are a popular way to reduce the interest paid on credit card debt. The idea here is to open a new credit card that offers a low (sometimes even 0%) introductory interest rate and move all of your other credit card balances to that one card. Of course the most common problem with these plans is that you will want to make sure you can pay off the debt before the introductory rate expires and that timeframe can be pretty short. If you miss that window you could find yourself right back where you started as their rates after this period are typically much higher than those on debt consolidation loans.