Credit cards which offer 0% interest on balance transfers can be an excellent way of saving money on debt payments. They require careful management because if you miss a payment, you will end up paying Standard rates of upto 18% and also incur a penalty.
If you are careful, you can keep transferring a balance of a few thousand pounds at 0% interest. This enables better cash flow and avoids more expensive forms of borrowing.
Cost of Balance transfers
The only thing to be aware of is that these days most 0% balance transfers incur a balance transfer fee, usually around 2-3%. Therefore, it is best to try and get a credit card balance transfer for a longer period (some go upto 12-15 months). This means that in effect you are paying an interest rate of 2% a year, which is still very good and less than inflation.