NBC News (NBC) - If you're one of the many who made a resolution to pay down your credit card debt this year there's a fairly new and effective way to do it, this coming from the credit card industry itself.
A just-released federal reserve report shows credit card debt has reached a record one-trillion-dollars.
Couple that with survey results from creditcard-dot-com that found those in debt are outright pessimistic about digging their way out.
"About two thirds of American adults with debt aren't convinced that they're ever going to get out of it," Matt Schulz, Creditcard.com.
Matt Schulz says their survey comes at the beginning of a year where debt could get worse because interest rates are rising and wages are still stagnant.
"You add all of that up and it's a bit of a perfect storm when it comes to dealing with debt..."
But deal with debt, we must, he says and the most effective way out that he likes is a balance transfer credit card.
"Nerdwallet" just released its top ten balance transfer cards that Schulz says are attractive because they're interest-free.
"Including some that allow you to not pay interest on that balance for 15 months or even 21 months," said Matt Schulz.
Even though balance transfer cards can be tricky because of fees and strict deadlines, Schulz says they're still a god-send.
"That interest grows faster than you would believe."
So...that means making debt-reduction a resolution worth keeping.