Using Low-interest balance-transfer cards to do debt consolidation is very common  these days, but keep in mind that those rates just last a couple of months — and then you need to switch them once again.

There is a risk that at certain level all this activity begins to appear on your credit history, and you begin to look like a High risk borrower. Then if you get disdained, you may be standing with the high-interest card you were thinking to dump.

If you are in a position to swing from the balance-transfer vines for some months, then make sure you officially freeze all your accounts yourself, and then inform the credit-card company to label your account “closed at customer’s request.

If not done like that then on your credit record it will look as if the creditor closed your account, according to David Mooney, PR director of Equifax. It is one of the biggest credit reporting agencies working out there. Thus portraying you like at an even worse risk, even when you are trying your best to avoid.

For reasons stated above debt-consolidation via credit card bank transfer is not a very good idea.

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