The secret is finding the lowest interest rate and switching it's called a "zero percent balance transfer" but there is a massive catch.
“Whatever you do, do not use the card for any purchases or cash advances” said Guy.
While the zero percent interest applies to old purchases make a new one and you pay a fortune.
"Is it a trap for young players Guy?” asked Today Tonight’s Reporter David Richardson.
“It is, but my key tip there is as soon as you've made that balance transfer take that credit card and either rip it up or put it in a drawer where you're not going to touch it. If you need a credit card for purchases then get another credit card, a low rate credit card to use for purchases” answered Guy.
The whole idea is to switch to a zero interest rate and pay it out not add to the debt. If you can do that you can wipe away credit card pain. Money saving master has identified 5 zero interest cards for balance transfers, the cheapest in the market.
Top of the list is the Coles Mastercard it has zero interest and no initial fees.
Nab low rate visa card and the new Jetstar credit card charge which is $49 a year, while the ANZ low rate Mastercard has a $58 fee and it's Balance Visa card a $79 fee.
While these are cheap in our market overseas things are even cheaper.
"In t he UK for example if you're getting a transaction account, no bank will charge you an annual fee. If you're getting a credit card it’s quite rare they charge you an annual fee unless they have specific benefits with it” said Guy.
“Totally fee free?” asked David.
“Fee free banking for credit cards, yes” answered Guy.
"You've got to stop people being willing to take on debt” said Steve.
Economics professor Steve Keen wants banks held accountable for throwing credit around to those who simply can't afford it.
"That’s what we have to do because at the moment if you take out a loan and it all goes belly up you're the one who carries the risk, when in reality it's the banks who know what the risks should be” Steve added.
And that's what's happened to Megan…
"I've had instances where I've tried for the personal loans, I've tried for the zero dollar transfer balance and they've declined, but then they'll come back and offer me more money on my credit cards” said Megan.
For other's credit card debt can be wiped away.
“The truth is there are so many much better deals out there so really it just takes a bit of time and effort to find the best deal, then transfer to a better rate and you can save yourself thousands of dollars” said Guy.
To compare credit cards, loans, mobile phones and home loans got to