Even before the recent holiday shopping season, the collective credit card debt for Americans reached a record $1.2 trillion at the end of September, up 8% from a year earlier. Consumers then spent another $1 trillion on holiday shopping, and surveys show that more than one-third of shoppers took on debt – an average of nearly $1,200 each – to make those purchases.

While all that spending can be good for the economy, it can leave individual consumers in a financial hole that’s difficult to dig out of. The cost of credit card debt has increased in the past few years, with interest rates on many cards now upwards of 20%. Rates on some retail store cards are even higher. 

As a result, about 30% of credit card users still haven’t paid off the gifts they bought for the 2023 holiday season, let alone the recent 2024 spend.

The biggest benefit of Honor’s Balance Transfer Special is that you can consolidate all your balances on high-interest credit and store cards into one easy, monthly payment with rates as low as 1.99% APR*. 

“The compounding savings could be anywhere from hundreds, maybe even thousands of dollars, especially when you’re transferring a balance from a card with one of those ultra-high rates,” Perrin said. 

“If your monthly payments are just enough to keep the balance at bay but not really making a dent, you should take advantage of this special low rate.”