The Debt Trap: How Balance Transfers Can Be a Lifeline or a Quick Fix Credit card debt in the United States has reached an all time high, with balances totaling $1. 17 trillion in 2024.
Many Americans are struggling to make ends meet, and for some, credit cards have become a necessary evil.
A balance transfer – moving existing debt from one account to another to minimize interest with a balance transfer credit card – can be both a lifeline and a quick fix.