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2WTK: Paying off your holiday credit card debt might be easier than you think

If you're overwhelmed with debt, a balance transfer might be the answer for you.

GREENSBORO, N.C. — The holiday season just ended, but for many, the credit card debt is still here. a survey by Credit Card Insider showed 22% of people were still in debt from the 2019 holiday season. 

Today on 2 Wants to Know we talked to Credit Card Insider senior analyst, Nathan Grant, about how you can get rid of your debt.

One of the hardest things for credit card users to overcome is the interest rate on their card. Depending on the card company, those interest rates could be pretty high. But there is a way to bring those interest rates down to zero percent---a balance transfer. 

When used responsibly, balance transfers can be a great way to reduce the amount of interest you’re charged as you pay off debt. Meaning, you must make all payments on time. Credit Card Insider has a full list of the cards that a best for a balance transfer

RELATED: Are you still paying off last Christmas? How to make credit cards work for you.

Remember, it is okay to own multiple credit cards as along as you are able to keep up with. But after you pay them off, don't close the account because it could negatively effect your credit score.

There are multiple things factored into your credit score. Payment history makes up 35%, amounts owed is 30%, 15% for the length of your credit history, 10% for new credit, and the remaining 10% goes to types of credit used. For example, buying a house or taking out a lease on a new car would be considered new credit.

If you or your child are a college student, a student credit card could help build credit. But remember, just like other cards you must pay them off to build up that credit. You can find a list of student credit cards here.