Something I’ve said numerous times here is that 0% balance transfers are great if used correctly and extremely dangerous if used improperly, that’s why a post over at Blogging Away Debt, titled 0% Balance Transfers Are The Bait, Understand The Trap is so valuable. It lists three traps that most people may not be aware of when it comes to 0% balance transfer offers.

The first is in the form of fees, often these offers have 3% balance transfer fees that eat into your savings. The second is in the rate after the promotion, some could be higher than what you’re doing now, so do the math to make sure it’s a smart decision. Lastly, don’t fall into the same cycle of debt over and over again. You’re getting a breather, use it to catch up, not fall farther behind.