First you gather up your highest interest rate credit card balances. Get the statements so that you have all of the information necessary to transfer them to your new zero percent balance transfer offer. Next you will need to have your balance transfer offer ready to hand.
They may have you send out checks included in the offer to your existing creditors to transfer the balances. More and more these days it is all handled online by logging on to the offering card’s site and filling in the appropriate information to transfer the balances over electronically.
It is important to keep in mind the end of your promotional period on this zero percent interest rate transfer. You want to pay it off before it defaults back to the higher interest rate.
You can take the number of months in the promotional period and divide this into the total amount of debt you have transferred to come up with your required monthly payment to liquidate all of the transferred debt in time.
For example, if you are transferring $3,000 to a zero percent balance transfer offer that is good for 24 months, you would divide the $3k by 24 to come up with a necessary monthly payment amount of $125. By making this payment faithfully every month, you would have repaid the entire transferred balances amount in time to avoid any interest charges for carrying the debt.