This weekend, I even read in The Times that popular hypnotist Paul McKenna has even turned his attention to helping you deal with debt. The approach to choosing a credit card has thus become, for many, quite important.

We all wish to know that we're not being ripped off and, as far as possible, we'd all like to think that, unlike all the other saps, we're saving money. In truth, of course, it's maybe best to forget the idea that there is one credit card that towers over every other and represents the ultimate deal for all of us.

No such holy grail exists and in fact there's really no such thing as a one-size-fits-all credit card. This isn't to say that there are no good deals out there; it's just that it's more a case of selecting the right card for your specific needs. The onus is also on you to manage your credit cards effectively and make them work to your financial advantage.

So the first thing to consider is whether you already have credit card debts. If you do then your priority should be to find a card with a good balance transfer rate – there are plenty out there with a zero per cent balance transfer offer.

When you transfer your credit card balance you are effectively paying for your current debts on one card using a new card so that you now owe money to the new card. If that new card has a special introductory cheap rate for balance transfers then your previous, more expensive, card will be debt free and you'll be paying less interest, potentially zero per cent, on your new card.

The trick to paying off this debt without incurring any additional financial burden is to make sure that your monthly repayments are adequate enough to cover the debt before your introductory period matures. The most important rule to remember is not to buy anything with your new balance transfer card. If a card offers a genuinely good balance transfer rate then the chances are it won’t offer a similarly attractive purchase rate.

If you still want to spend on a credit card then you’d be well advised to get a second card for purchases and focus solely on paying off your balance transfer debts with the first card. If you’re doing this, it’s obviously in your interests to find a card with a good introductory deal on purchases.

At the time of writing, the HSBC card was offering the longest zero per cent on purchases deal of 12 months and then a 15.9 per cent typical APR. To keep track of this sort of thing make sure you consult a good comparison site like the Motley Fool credit cards comparison centre.

It’s important, however, that you remember when your zero per cent period expires. Before you start shelling out on an inflated APR you may want to consider switching to another zero per cent card. Currently, the NatWest credit card has the best overall deal with zero per cent interest on balance transfers for 13 months. Barclaycard is offering a good zero per cent on purchases (until October 2008 - i.e. 13 month) but with a greater transfer fee and a higher rate thereafter.

Even the supermarkets are likely to be able to offer a better deal than you are already on – one to check out in-store is the Asda zero per cent credit cards offer.

So which card is best for balance transfers? If our only criterion was which card offers the longest zero per cent period then Virgin would be the clear winner with an impressive 15-month interest-free period on balance transfers. They do, however, charge a relatively high 2.98 per cent fee.

Other decent zero per cent credit cards worth investigating are offered by Asda Finance (zero per cent PA for nine months, 2.5 per cent fee), Capital One Platinum (zero per cent PA until 1 August 2008, 1.7 per cent fee) and Mint (zero per cent until 1 Oct 2008 (2.5 per cent fee).