Owning one or several credit cards has its advantages and disadvantages.  The advantages include being able to make purchases at multiple places or online without paying cash out and being able to manage most or all of your debts using only one paying method.  The main drawbacks are you can easily get confused if you use more than one card, and high interest rates can drain your finances if you're not careful.

Many a consumer has become caught in a credit card trap and ended up losing their good credit rating and watching their credit score drop to the lowest bracket.  If you have already arrived at this point or feel that you are headed in that direction, now's the time to take action to prevent further credit woes.  A possible solution is to transfer all your credit card balances over to one credit card that offers lower interest rates.

Transferring your balance offers a couple of benefits.  You'll have only one monthly payment versus two or three.  This will prevent confusion about when your balance is due, what rate is being charged, etc.  You can also potentially eliminate the high interest you already owe or at least any future interest that would accumulate if you were to continue with your current cards.

Consider the APR (annual percentage rate) being offered by other card issuers and compare it with the APR on your current card(s).  If there's a zero percent rate being offered, it is probably only an introductory rate.  This means after a certain period of time the rate will increase.  Beware of such offers because the latter rate could be higher than the one you are paying now.

Other Considerations

There are other points to consider before jumping the gun and transferring your debt.  Does the new card charge higher annual fees that will offset the potential APR savings?  Is there a grace period that allows you to pay your monthly balance before interest is added?  Is there a charge for cash advances?  Does the card offer special rewards with which you can save money for certain purchases?

If you do decide to transfer your balance, be sure to pay each month's bill before interest is added.  This is the best way to manage a credit card without allowing interest to pile up.  It will also help you to repair your credit and/or boost your credit score in the long run.  Credit card companies are usually diligent about reporting to the credit bureaus - whether good or bad - so paying on time will only help improve your credit rating.

If you are having trouble managing your current credit card debts, consider seeing a credit counselor.  A counselor can help you determine the best route for managing your debts.  Financial troubles don't happen overnight, so there's usually no quick fix.  Talking with an objective party may help you see areas in your budgeting that are causing the problems.  If you find yourself in a bind, it's a good idea to start finding solutions now instead of waiting even longer.  Seeking financial help is a step in the right direction to credit repair.

Credit cards are only useful if they allow you to achieve certain financial goals without placing more debt burden on your budget.  Make this decision with careful consideration, and examine every credit card offer with much scrutiny.