Here's What Most People Get Wrong About 0% Balance Transfers

According to a recent LendingTree report, there are 109 different 0% intro APR balance transfer cards from 31 issuers available right now. It's no wonder they are popular -- balance transfer cards can give people a real shot at breaking free from high-interest debt.

But while the offers are easy to find, using them properly is where most people trip up. Without a game plan, these cards just become a slick way to kick the can down the road.

A 0% intro APR offer won't fix bad financial habits

The most common mistake people make with balance transfer cards is treating the card like a solution when it's really just a tool.

It's like buying a super fancy oven -- then expecting it to do all your cooking for you.

Moving debt from one credit card to another doesn't wipe it clean. It just buys you some breathing room (the 0% intro APR window) to pay the debt off faster.

To get out of debt -- and stay out -- you need to make a plan to pay off the balance in full, and also adjust underlying spending habits.

Paying off your debt within the 0% intro APR window

Once a balance transfer goes through, the clock starts ticking. You've got a limited-time window to pay off that debt before the high interest kicks back in.

So here's a simple plan: Take your total balance and divide it by the number of 0% intro APR months.

That number is your monthly payoff target.

Example: If you transferred $6,000 to a card with an 18-month 0% intro APR, you'd want to target a minimum of $334 in monthly payments to have your debt repaid at the end of the 18-month period without paying any interest. If you can afford to pay $500 per month, you'll have the debt paid off in just a year!

Keep in mind: This doesn't include any new purchases you make on the card. It's smart to treat this card like a no-spend zone until your debt is gone.

It's also smart to choose a card that offers the longest 0% intro APR period possible. More time = lower monthly payment = better odds of wiping out your debt completely. Check out today's best 0% intro APR balance transfer cards that give you up to 21 months to pay off your debt.

Other common 0% intro APR gotchas

Even if you have good intentions, it's still easy to fall into common traps with balance transfer cards. Here are some other things to watch out for:

1. Missing the transfer window. Most cards require you to transfer your balance within 60 or 90 days to qualify for the 0% intro rate.
2. Paying late. A single late payment can void your 0% intro offer. Then you're back at sky-high interest rates.
3. Making too many new purchases on the card. If you continue your old spending habits, you could build a new debt pile after you've paid off your old one.
4. Thinking it's free. Most cards charge a transfer fee of 3% to 5%. Always do the math with a payoff calculator to make sure you're coming out ahead.

A 0% intro balance transfer card isn't a silver bullet, but it can be the tool that gives you a fresh start.

But you've gotta put in the hard work and stick to a payoff plan. No more kicking the can -- it's time to crush it. Find the right 0% intro APR card today and make this the start of your debt-free journey.