Final answer:
A balance transfer to a lower interest rate credit card can help pay down balances quicker and maintaining a full payment each month is essential to avoid accruing interest and build a strong credit score.
Explanation:
A balance transfer is beneficial if you carry a balance on a high interest credit card and transfer it to a card with a lower interest rate, you will be able to pay down the balance more quickly.
When you carry a credit card balance from month to month, interest is charged on the amount owed, impacting your ability to pay off the debt swiftly.
It's crucial to pay off credit card balances in full every month to avoid accumulating interest and maintain a strong credit score.
Learn more about Credit Card Balances and Interest here:
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