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What’s a Balance Transfer? (And How You Can Use One to Buckle Down on Debt)

By Felicia Chen

It’s easy to believe that “balance transfers are a magic wand for your bad spending habits,” said Nick Holeman, senior financial planner at Betterment. He pointed out that transfers don’t address underlying money problems, and that you might continue to overspend or make late payments. Although you may not be able to pay down your balance within the introductory period, having a plan can help increase your odds of success and help you kick bad financial habits.

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This article originally published May 6th, 2019 on Wirecutter