I have a hefty balance on a 16% interest rate card right now, and I have heard you can transfer to a card with a lower interest rate (I only have that one card). If I can get approved for a lower interest rate card (not sure I can), is it worth it?

Yes, I did that - better yet, look for cards that offer 0% on all balance transfers. Most of them are at least for 6-12 months, which means that you have that much time to pay it off before they charge you interest. Also, do not put any new charges on that card before you pay off the transfered balance, as the payments will be first applied to the balance with the lowest APR, which means while you are paying off the old debt, they will be charging you interest on the new balance.

If you can get approved for another card that offers lower rates, it can save you interest, however it can also lower your credit score initially by the inquiry. Also, be aware of the rate after the intordution period so that it is not higher than the current rate you are paying.

It's worth it if you can get a cheaper interest rate, but they will charge (sometimes) a balance tranfer fee, but it's not usually that high. Just be sure it is not an "introductory" rate but then turn out to have a higher rate than your current credit card has. Also, don't be tempted to use the new credit card if you are trying to pay it down. It's tempting to use the old credit card once you see it has a smaller balance after transfering, that would be the bad part.