Nobody wants to waste their money on high interest credit cards. So those deals that offer a balance transfer at low interest rates may sound like a smart option.

Many folks are really saving money by transferring their credit card debt. But it can really end up more like a balancing act.

Who can beat a 0 percent interest rate, especially when you can transfer balances from other credit cards with rates in the teens? Before you hop from card to card, think long and hard. Yes, that extra credit might help you in a pinch, but could also get you in deeper.

"If you are transferring balances from one card to another, it would be important to close the account on the previous card," said Dennis K. Howell, vice president of finances at CCCS.

That's because having too much debt or too many cards can hurt your credit rating. Also, be sure to find out how long the low interest rate will last.

"Usually there's a lower tease rate, which will apply for anywhere from two months to six months, at which time the interest rate will go up to a full market rate," Howell said.

Another warning: find out if you have to pay a fee to transfer balances and ask about other fees too.

"If you miss a payment, is there a punitive interest rate that the balance can go to after that? And what other fees can be charged, such as an over limit fee or a late fee?" Howell said.

And make sure the low interest rate applies to both transfers and purchases. If not, chances are your payments will be applied to the debt that carries the lowest interest rate first -- making you carry that high interest loan even longer.