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If you already have existing credit card debts, a balance transfer is a good idea if the new credit card issuer offers a lower interest rate. There are some very good deals on the internet, some starting as low as 0% for the first six months or more. This is a fantastic deal as long as you can pay the debt of within the allotted time period. After that period of time, the interest may well go up to 15% apr or higher.

There are also a few card issuers offering a Lifetime Balance Transfer Rate until the transferred debt is paid off. If  your debt is high and you don't stand a chance of paying it off within 6 months, then this is the card for you. Some Credit Cards are offering Permanent balance transfer rates as low as 4.9%, the highest you will encounter is 8%. This is a much cheaper option than taking out a personal loan from your bank to consolidate your debts.