Living in New York and New Jersey can be expensive. Those credit card purchases can add up — and so do the interest charges. Many people are taking advantage of what is called a credit card balance transfer to get a better deal. People who have accidentally over-indulged are transferring balances from one credit card to another to help them manage their debt at a lower interest rate.

One card will be cancelled while another one will be opened. If you transfer a balance of $500 dollars at 21 percent interest to a new card that charges only 14 percent, you will pay the debt off sooner even if your minimum payment remains the same. But, be wary of these transfer offers. Sometimes they can be bad deals.

Make sure you know that the new and lower interest rate is not a temporary, teaser rate that will go up in six months or so. Also, some companies may charge a transfer fee that is a certain percentage of that total. Apply for a new card that does not have an annual fee that will offset your savings. Finally, close your old card or it may adversely affect your credit score.

Looking for information on how to manage your personal finances? If you live in Manhattan, Queens, the Bronx, Brooklyn and in New Jersey,  Exchange Place can match you with up to four providers of financial services. Get started now.