(InvestigateTV) — A common credit card habit may be costing consumers more than they realize. Using the same card for everyday purchases while carrying a balance means routine spending — like a coffee run or grocery trip — starts accruing interest immediately.
John Kiernan, managing editor at WalletHub, said a balance transfer can be an effective tool for getting that debt under control for those who qualify.
“If you have good or excellent credit — think a 750-plus credit score — right now you could transfer a balance to a zero percent balance transfer credit card and get a zero percent APR for 21 months,” Kiernan said. “So, without the expensive interest coming in, you’re going to be able to put a lot of money to the…