Tackling Debt, Not Just Math The proliferation of credit card payoff calculators and balance transfer credit cards has led many to believe that they hold the key to paying off debt.
However, a closer examination reveals that these tools often exploit vulnerabilities in our current system rather than revolutionizing financial literacy. High interest rates on revolving credit are a major concern.
Even with 0% introductory APRs for a year or more, balance transfer offers often come with steep fees that can offset potential interest savings. Consumers may end up paying hundreds of dollars in transfer fees alone.