Which strategy is beneficial for managing credit card debt?

Transferring balances to lower interest rate cards is a beneficial strategy for managing credit card debt. This approach helps reduce the amount of interest you pay on your outstanding balances, allowing more of your payment to go toward reducing the principal amount owed. By doing so, you can pay off your debt more effectively and potentially save money over time, particularly if the new card offers promotional rates or more favorable terms than your original card.

Utilizing this strategy can also assist in consolidating multiple debts onto a single card, making it easier to manage payments and track your overall debt load. This can lead to a more organized approach to repaying what you owe, ultimately helping you achieve financial stability and lower your debt more quickly.