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However, a balance-transfer credit card can help.
High-interest credit cards can send you down a debt spiral, which can impact your finances negatively for years.
A balance-transfer card allows you to consolidate your debt so you have just one monthly payment.
Even better, consolidating your credit card payments into one could reduce the total amount of interest youll pay.
This can make it hard to pay off your debt.
However, a balance transfer can help.
Simply moving your balance to a credit card with a lower APR can help you pay down debt faster.
Youre Looking To Improve Your Credit Utilization
If your credit utilization isnt great, a balance transfer may help.
This matters because credit utilization plays a key role in both VantageScore and FICO credit scoring models.
In this case, a balance-transfer card can help you make payments while incurring minimal interest.
Of course,balance transfers arent for everyone.
Be sure to consider your unique financial situation before making a decision.
This will help you choose the credit card that best fits your needs.
Jennifer Taylorcontributed to the reporting for this article.
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