Australians are carrying $18 billion of credit card debt and there are dozens of 0 per cent interest offers on outstanding balance transfers.

But should you use a new card to pay off the old?

There are more than 60 of these offers on the market, luring customers to swap high-interest debt for what looks like a free ride.

When used right, the cards can buy people breathing room.

But when the cards are used wrong, people can be redecorating debt rather than escaping it.

In order to win smart, Nine’s money editor Effie Zahos said people should play the long game.

The longer the interest-free period, the more time people have to pay it off.

ANZ’s Low Rate card leads with 26 months followed by Virgin, Bankwest and Westpac which offer up to 24 months.

Customers should also do their research and know the real rate.

ANZ charges a 3 per cent fee to move your old debt, plus a $58 annual fee in years two and three.

On a $5000 debt, these fees add $266 in costs, meaning that 0 per cent rate is effectively 5.32 per cent over the 26 months.

It is also important for people to have a plan and stick to it.

Divide your total debt by the number of promo months and automate your payments in order to pay off the entire balance within the interest-free period.

If people miss the deadline, they could face double-digit interest rates that quickly erase any savings.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.