I have several credit cards that I would like to pay off.  I have considered consolidating them into one credit card company that offers zero percent interest for six months.  Is this a good deal?

It is easy to find "deals" out there today offered by credit cards.  It can be very difficult to determine if any of them are "good" or not.  Let's look at some things you should consider before making the decision to transfer balances.

One thing to consider is how the company handles late payments.  One company that offers zero percent for balance transfers can change the rate to as high as 27.99 percent if you are late one month.  In addition, you get hit with late fees.

You also have to consider what the interest rate will be after the introductory period is over.  In the example you gave, the interest rate may be higher than what you are currently paying.  Depending on the length of time it takes for you to pay off the debt, you may end up paying more in interest than you will now in your current situation.  You may also have to pay transfer fees.

One last thing to consider is how you got into debt in the first place.  Are you spending more than you make?  If so, then the consolidation, while giving you temporary relief with lower total monthly payments, could give you a false sense of financial stability, causing you to spend more.

If you are having trouble balancing your budget, you may want to seek professional guidance to get your spending under control, so that eventually you will have no credit card debt.