Need some breathing space from heavy interest charges on your credit card debts? A balance transfer deal could be the answer.

• Want to switch to a zero-interest card? Find the best deal via Money's Tools and Guides here.

Typically you'll be paying interest of 17 to 22 per cent on your credit card. With a 0 per cent balance transfer deal you can switch your outstanding debts to a new card and pay no interest on the transferred balance for a set term.

Alex Parsons, the chief executive of RateCity, says intense competition in the credit card market means balance transfer deals now give people more time than ever to get to grips with their debts.

Its database contains 74 credit cards with 0 per cent balance transfer periods ranging from four months to 15 months.

"Balance transfer intro periods used to always max out at six months," he says. "We've regularly seen 12 months at zero and we're now seeing 15 months as well."

Some extend the introductory period for as long as 24 months but not at 0 per cent.

As the RateCity table shows, there are currently two deals offering 15 months to get on top of your debt before interest impacts again.

Parsons says ideally you set up automatic payments so that the debt is completely paid off within the interest-free period. A monthly payment of $333.40 would completely pay off a $5000 debt within 15 months on a 0 per cent card. That's as long as you don't spend another cent on the new card.

These cards are only interest-free if you don't use them to make new purchases.

The new purchase rates on balance transfer credit cards can be high and they may not offer interest-free days. In that case, interest will be charged on new purchases from day one.

Don't stack on more debt

Your limit is likely to be higher than your transferred debt, so it can be all too easy to stack yet more debt onto the new card.

As Steve Crawford, financial adviser and owner of Experience Wealth Advice, points out: "Before you commit to the new deal you have to understand what got you into a position to need a zero interest transfer in the first place, so you can avoid ending up there again in the future." He suggests using a budget calculator to analyse your income and expenses and set a budget as part of the process for dealing with debt.

Like any credit card, you pay an annual fee on the new card. Plus there's another charge creeping into the balance transfer landscape. Parsons says three cards offering a 0 per cent balance transfer now levy a ''handling charge'', which is 1 per cent of the transferred balance. Another 10 charge a flat handling fee of $5, for example.

Someone weighing up different balance transfer deals should consider the revert rate. This is the interest rate you have when the introductory period ends. The average revert rate is currently 19.45 per cent, according to RateCity.

Another feature that might sway you towards a particular deal is the range of debts that can be transferred. Citibank is targeting people who have debts scattered across credit cards, store cards (such as David Jones and Myer); lines of credit and personal loans. Its balance transfer deal allows people to consolidate debts from all those sources.

If you can't get on top of your debts within the introductory period, you can always avoid interest by switching to another balance transfer deal. But that can have some unintended consequences. Lenders often read multiple applications for credit on a credit file as a poor risk. So if you plan to apply for a car or home loan soon, it's best not to get too balance transfer happy.

Parsons says under the positive credit reporting regime that kicks off in March, people will also need to be careful about paying their credit card bills on time.

"People transferring across with balance transfers have a poorer repayment record," he says, adding any late payments will be recorded on a person's credit file under the new regime.

Alternative ways to pay off debt

The idea of paying no interest on a credit card debt sounds enticing. But an alternative strategy that involves consolidating debt into a personal loan or a home loan could be a safer bet for larger debts.

Parsons suggests that if you can’t pay off the entire debt within the introductory zero  per cent interest period, the next step should be rolling  the remaining debt into either your home loan or a personal loan. A loan with a set repayment structure might also work better if you’re  unable to resist using another card.