The short answer to this question is a yes.  But it really has to be explained.  Transferring your credit card to a lower interest rate will help, sure.  But if you don’t quit buying things you don’t need and spending money you don’t already have, this will be a total waste of time.  Really, it will be.   Remember, you are all about developing long-term sustainable habits that will get you out of debt and improving the quality of your life!

Have you ever wondered why the average lottery winner ends up back in debt and in financial straits?  Or, what about the athlete or celebrity who makes $10 million or more but is bankrupt a few years later?  Think back to one of concepts we talked about earlier this week: Spending less than you earn.  Remember that one?  It really doesn’t matter how much you make or how low the interest rate is if you don’t change your behaviors.

Back to the question and point of today’s post subject:  Yes, transfer to the lower interest rate.  But realize before you do this, the only way you are going to get out of debt is to become adamant and focused on paying down the debt.  A lower interest rate will only help a little bit.  But it is smart and will help once you are paying things off.

You can check out Bank Rate for the latest lowest rate credit card offers.

“Failure is the ability to begin again more intelligently”  Henry Ford

Related posts:

1. Pay OFF Credit Card Debt, Getting Into Attack Mode
2. Time for the How To Stuff, Getting Down To Brass Tacks for Getting Out of Debt