PROVIDENCE, R.I. (WPRI) — With goods and services costing more due to inflation, more and more people are turning to credit cards to make purchases and pay their bills.

Because of that, it’s easy to rack up a significant balance.

“Some people say credit cards are like power tools. They can be very useful or very dangerous,” Bankrate‘s Ted Rossman told 12 News.

According to Bankrate, roughly 60% of people who have a balance on their credit card have been in debt for a least a year. That’s an increase of 10 percentage points compared to 2021.

Additionally, 47% of cardholders carry debt from month to month, compared to 46% in 2022 and 39% the year before.

For those in credit card debt, Rossman recommends transferring the balance to a card with 0% interest for a certain amount of time.

“Don’t add new purchases,” he added. “Divide what you owe by the number of months in your 0% term and try to stick with that.”

That alone, he said, could save someone hundreds or even thousands of dollars, depending on their level of debt.

He also advises not to close the original credit card once the balance is transferred.

“Your credit score could suffer in general if you have more than five credit loans in a year, and that could include a mortgage loan, car loan and things like that,” he explained.

If you’re looking to make a big purchase with a credit card, Rossman recommends looking for a card that has rewards that interest you, such as cash back or airline miles.