We all get them - those "pre-approved" offers in the mail offering us a credit card at zero or very low interest. Often they arrive at just the perfect time: we have balances owing on our high interest rate credit cards, so we use the zero percent credit card to pay off your high interest credit card.

Of course the zero percent interest rate is just a "teaser". When you read the fine print you realize that the low interest rate only lasts for a "six month trial period", and after that the interest rate goes up, perhaps to an even higher rate than you are paying now.

So, if you have a lot of debt and are worried that you may have to go bankrupt, is a zero or low interest credit card really a bankruptcy alternative? The answer depends on you.

If you are highly disciplined, the low interest credit card may be a bankruptcy alternative. If you work hard to pay off the credit card before the introductory period ends and the rate increases, you may be able to save enough in interest that you can pay off the debts on your own, without having to go bankrupt.

Unfortunately for many people the exact opposite happens. You pay off your old credit card with the new one, but then, because you have more borrowing capacity, you start using your new credit as well. So now, instead of owing on one credit card, you owe on two!

It's possible that if you are not careful getting the zero interest credit card will actually double your debt level, and obviously that can lead to bankruptcy. If you want the low interest credit card to truly be a bankruptcy alternative, and not a trap leading bankruptcy, follow this simple advice: when you pay off your high interest rate credit card, cut it up! If you don't have it, you can't use it, so you won't fall into the bankruptcy trap.

Low interest credit card offers are enticing, and if you use them wisely they are a great bankruptcy alternative, but be careful, or else the increased level of borrowing may lead to personal bankruptcy.