"Paying down high-cost, variable-rate debt is an urgent priority for households," said Greg McBride, chief financial analyst at Bankrate.com.
Experts often recommend moving that balance from a high-rate credit card to one with a no-interest or low-interest balance transfer offer to reduce the amount of interest you're paying.. These allow you to avoid interest for up to 21 months," Rossman said. While the offers may be a little harder to find than they were one year ago, "the good news is that you can still get balance transfer credit cards, assuming you have good credit, and they can save you a ton of money," said Matt Schulz, chief credit analyst at LendingTree.To make the most of a balance transfer, aggressively pay down the balance during the introductory period.
Otherwise, there could be a catch: If you don't pay the balance off during the initial period, the remaining balance will have a new annual percentage rate applied to it, which is generally about 23%, on average, slightly higher than the rates for new credit. Further, there can be limits on how much you can transfer as well as fees attached. Most cards have a one-time balance transfer fee, which is usually around 3% of the tab, but there can be an annual fee, as well.For more on balance transfer credit cards, check out CNBC Select's recent ranking on the