Unfortunately, the only result is a deeper pile of debt.

On a recent post telling how to deal with credit card debt problems, I shared some advice and resources for getting out of debt.

In that same post, Darren (from More Than Finances) asked what I thought about 0% credit card transfers.

I gave a quick answer and thought I’d deal with it in more detail today.

From a purely mathematical standpoint, there is no denying that taking advantage of 0% balance transfers or credit card consolidation into a lower interest makes sense.

But, those who argue against these tricks do so from the perspective of psychology. They detract your focus and they ease the pain of debt.

There are some people who spend their energy shuffling, reorganizing, and re-categorizing debt, and somehow they feel like they are making progress.

However, in the end they have done little except delay the inevitable. They get a 0% credit card balance transfer not to help them get out of debt, but to continue to owe money.

They use such mechanisms or hacks to beat the system.

In other words, if you want a debt-consolidation to work or a balance transfer, you need to be rare.

You need to so something that only 22% of people do – take a baby step forward on getting out of debt and keep on going.

But, just because only 22% of people can do it, doesn’t mean you can’t be one of those people. Misuse of time and creative energy In addition, it is possible that you can spend a substantial amount of time looking for the next offer that your time would have been better spent getting a part-time job and setting up a budget.