3) Transferring your balance to a new credit card
This is another case of a debt swap that people think will help them get out of debt faster. A credit card issuer may be luring you with "lower rates" but keep in mind that those lower rates may be introductory rates to lure in a customer and are applicable for the first few months only.
Besides, there is a processing fee that is usually 1-2% of the total outstanding amount being transferred onto the new card.
You may think that you are debt free when you receive a cheque from your new card issuer to clear the loan of your previous card issuer, but that is in fact a myth. Your debt is only transferred.
If you cannot curtail your spending habits and continue to be reckless with your new card, you will land up with an unmanageable debt pile once again.