With the economy in dire straits, and the job market shutting down and not letting on new passengers, it’s looking better and better to explore options for juggling credit card debt. What exactly does that mean to the rest of us not in the know? It’s when you charge up your cards, and then you see a deal for 0.00% and you subsequently move all your balances to that new card. The other creditors get paid by your new card and you start paying off your debt at the new and improved rate. However you may have to do that again, once the introductory rate expires.

It sounds great. It sounds like free money. It sounds like you’re never going to have to worry about that debt getting too big for you to handle, right? No. Well, not anymore, anyhow. This robbing Peter to Pay Paul mentality is no longer working out. And why is this? Well, basically the economy is to blame. Although it really wasn’t very credit healthy to play that game in the first place, the downward spiral of the economy has really messed things up.

You may be able to move your credit readily enough, but you won’t be seeing a 0% balance transfer. Say “so long” to the days of companies begging you to transfer with great bargains and fantastic deals. Creditors are now in a state of panic that they may stop seeing profits due to non-paying customers. Rules are becoming more stringent, and free stuff is no longer free. The number of creditors who charge rates of 18% or more has more than doubled over the last year. This trend is bad news for the people trying to juggle their credit card debt.

In short, try not to carry a huge debt if you can help it. I know that times are exceptionally tough right now. And we can no longer count on the “free money” that creditors were so lovely to provide for us in the past. When it comes right down to it, your best bet is always staying ahead of your debts and only spending as much as you can actually afford.

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