While carrying a balance on your credit card should never be your first choice, it’s growing increasingly unavoidable for many Americans. The most recent New York Fed report on household debt and credit showed credit card balances totaled $1.23 trillion in the third quarter, up $24 billion from the previous quarter and up 5.75% from a year ago.
If you’re in a position where you’re carrying a balance on a credit card, there’s a chance that a balance transfer card may make sense for you. A balance transfer credit card can help you temporarily avoid interest charges while paying down debt.
CNBC Select takes a look at how this record-high consumer credit card debt may be affecting people and ways a balance transfer card could help.