Expert advice on how to tackle credit card debt [Video]

(InvestigateTV) — Around 49% of credit card holders carry a balance month to month, according to a November 2023 Bankrate survey.

Sara Rathner, a personal finance expert with NerdWallet, shared several ways to tackle credit card debt:

Look for ways to lower interest rates

First step: call the number on the back of the card.

“The worst they can say is no. it’s not going to hurt you just to ask, but if they say no you might want to look for a couple of other ways to save on interest,” Rathner said.

Consider a balance transfer credit card with a low intro rate

Consumers could get anywhere from a year to nearly two years with no interest, although interest will start back at the end of the promotional rate.

Personal loan

This could provide funds at a much lower interest rate to pay off credit card debt.

“That’s not going to be zero percent interest …