55% of Americans have credit card debt—here's how much it could cost you

If you can't avoid carrying a balance, look for a credit card that offers a low interest rate rather than racking up debt on a card that comes with fancy perks, but has a higher APR, Ted Rossman, a credit card analyst for CreditCards.com, tells CNBC Make It.

"I love using credit cards for the rewards and other perks, but carrying a balance quickly wipes away the value of any rewards you might earn," Rossman says. If you already carry a balance and are looking to pay it down, it may be worth considering opening a new credit card that allows you to transfer over your balance without accurring more interest. The key is to look for one that doesn't charge you a balance transfer fee and offers an extended 0% APR period. Ordinarily, cards that allow balance transfers can charge a fee of 3% to 5% to move your balance from one card to another, which can add up.

You may not have to forgo the rewards forever, though. Once you pay down your debt and eliminate your monthly balance, you'll be able to spend toward earning rewards. For example, a credit card like the offers a 0% APR on balance transfers for 15 months. But the card also rewards users with two points for every dollar spent at grocery stores and one point per dollar on all other spending.

MakeIt Bernie and his side kick said they would pay for it.

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MakeIt 55% Yeeeesh

MakeIt I don’t. House and car paid off too! How’d I do it? Easy. I WORKED MY FREAKING ASS OFF!

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