An ever popular New Year’s resolution is to get ourselves into shape. Perhaps more worrying than our own festive overindulgence though, is the workout that we have given our flexible friends during the season of goodwill. In fact, for the vast majority of us, the leanest thing about us this January will be our bank account. Sadly though, the opposite can often be said of the outstanding balances on our credit and store cards, which have gorged to bursting and are in need of a strict spell of forbearance. So tempting then, to take advantage of the enticingly low rates of interest that are encouraging us to transfer that big, fat credit card balance onto another card. That tempting 0% deal promises to give you valuable breathing space to trim down the debt – but is it the best option?

In the wake of last year’s festive overspending, more than £7bn worth of credit card debt was transferred between cards as customers searched for a better deal. Transferring your balance for free, in order to take advantage of a lower rate of interest, can help you to solve your mounting debt problem. The rates that are being offered by credit card companies are also a lot cheaper than they were this time last year. So, if you shop around, you can get a good deal. You have to be extremely cautious though. Whenever you are dealing with debt, there are risks and the advertised rates on offer may not tell the whole story. There is always small print.

A lot of attractive balance transfer offers come with a sting in the tail. For example, some will charge interest at a higher rate on any new spending; only giving you the advertised rate on the switched balance. So, you could get 0% on your transferred balance for the introductory period but any new debt will build up interest at an extremely high rate. Also, it’s important that you have either paid off your outstanding debt or you remember to transfer your balance again once the interest-free period runs out. You stand to be hit with a high rate of interest on the remaining balance if you don’t.

There are other debt solutions out there though. If you’re committed to getting your finances in shape and freeing yourself from the burden of bad debt, talk to a specialist debt advisor. Harrington Brooks are one of the longest established and most trusted financial institutions in the UK. Their dedicated team of debt advisors are on hand to help you find the solution that best suits your circumstances. Visit their website and try the free Harrington Brooks debt wizard for a fast and free answer to your debt problem.