Are you constantly transferring balances around from one credit card to another? This isn’t really a smart strategy for managing credit card debt for several reasons. The most significant reason is, you aren’t solving your debt problem my shuffling it around, and you are probably damaging your credit by opening up many more credit card accounts than you otherwise would.

It is possible to solve your credit card debt problem by using Balance Transfer Credit Cards, but you have to do so in the right way. Otherwise, you could end up with more debt than you started with – despite 0 percent interest rates for balance transfers.

A big mistake is transferring balances and then proceeding to pay nothing more than the minimum amount due each month on thesecredit cards. While it’s true you are not acquiring more debt because you are avoiding interest charges, you won’t have your debt paid down before the 0 percent interest term expires, either. If you paid a fee to transfer your balance or an annual fee to open the balance transfer card, it was a waste.

After you transfer your balances, make every effort possible to pay that debt down as much as you can while it’s not earning interest.

If at all possible, transfer your balances to a card that is available without an annual fee, and look for the longest 0 percent interest period you can find. Virgin Money Credit Cards are a great choice for transferring balances.