With so many 0% finance offers on the market, many experts are baffled that consumers still choose to pay off their debts with providers charging up to 15% in interest.
By transferring the balance of your existing credt card debt or loans you can get 0% offers that will save you massive sums of money. It also means that when that when the time comes that you have to pay interest, you're not working with such a large sum. You also have the option to keep moving your money so you never pay interest, although providers are cracking down on this.
Lisa Taylor from MoneyFacts explains some other factors. "You can't transfer balances between cards backed by the same provider or which are part of the same banking group. For example, not only does MBNA issue its own cards, it also backs Virgin Money and Alliance & Leicester cards."
Despite these restrictions you should always be looking to see if you can move your money to a better agreement. There are arrangement fees normally involved, but in the long run it can save you a lot of money and ease your debt problems significantly.