You have strong credit and are determined to get out of debt sooner, but your credit card issuer surprised you with a rate increase several months ago that threatens to slow your progress. In that case, you're a great candidate for a balance transfer. The first step is to do some comparison shopping on the best balance transfer credit cards.
But will that balance transfer actually save you money in the long run? Bankrate.com has a calculator to help you determine if that balance transfer will pay off or not. The calculator actually enables you to evaluate the benefit of transferring balances from as many as five current credit cards onto a new low rate card. Taking into account the interest rates, annual fees, balance transfer fees and any caps that apply, you can actually view two different repayment scenarios at the same time. You even have the flexibility to customize the scenarios if you're making more than the minimum payments (and I hope you are! If not, see this recent blog post.)
Check out a video here that demonstrates the calculator.
Follow Greg McBride on Twitter.