From Dow Jones & Company, Inc.:

In 2024, those working to reduce credit card debt will need a solid action plan, including budgets and smaller repayment goals, with 0% balance transfer cards offering some help. Despite card delinquencies increasing, there is a wide availability of balance transfer card offers, even paired with other incentives. These cards work by transferring balances from other cards, typically requiring a 3-5% transfer fee, and offer an introductory 0% annual percentage rate that usually lasts about 21 months. After this, APRs could range between 19.24% to 29.99% and depend on the individual’s credit score. On average, credit cards carried a 22.7% APR. Despite the post-introductory APR being high, it can offer a good opportunity to reduce debt, especially if the cardholder can manage to pay no interest charges for 21 months. Financial experts suggest that individuals with credit scores of at least 670 and unpaid balances up to $5,000 could be good candidates for these cards. However, there are other strategies such as seeking help from a non-profit credit counselor or taking out a personal loan with a lower interest rate.



Read more: Stuck in credit card debt?Balance transfer cards could be the way out in 2024