(InvestigateTV) — Bankrate found the average credit card interest rate today is 20.27%, making it very expensive to carry credit card debt.
Sara Rathner with NerdWallet said those carrying a lot of credit card debt may want to consider debt consolidation.
She said those with good credit could qualify for a balance transfer card. This would allow them to move debt to a card with no interest for a period of time.
There are two things consumers need to understand about the balance transfer process, Rathner said.
“One is that you’ll owe typically a balance transfer fee three to five percent of the balance you transfer so you’ll want to keep that in mind,” she explained. “And the other thing is, once that no interest promotion period…
