If the only thing that matters to you when paying off debt is saving dollars and cents, the payment strategy that clearly makes the most financial sense is paying off your balance with the highest interest rate first. So try this method out and start watching your balances shrink!
Start out by doubling your monthly payments on the card with the highest APR while continuing to make the...
This Week's Credit Tip
Recent Credit Tips
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Aug 18, 2016 | Be Smart About Corporate Credit Card Use
If you have a company credit card for the first time, you may be feeling excited about your newfound spending power. But before you go swiping your card everywhere, you need to make sure you understand your company's policy regarding business... -
Jul 25, 2016 | House Hunting? Don't Forget About Your CU Ratio
As rates on 30-year fixed mortgages hover around 3.5 percent and home prices in many parts of the country are starting to dramatically rise, it may finally be time to take the plunge and purchase the home you'... -
Jul 15, 2016 | Looking for a Loan? Think Small and Local
The "too-big-to-fail" banks have received billions in taxpayer bailouts, yet purse strings often remain tight. Whether you're looking for a new home loan, auto loan, student loan, business start-up loan, or simply a credit... -
Jul 06, 2016 | Will Student Loan Rehabilitation Fix My Credit?
Student loan rehabilitation is a process that allows those who have defaulted on federal student loans to make on-time payments for a set period of time in order to rehabilitate their loans and remove any default status from... -
Jun 30, 2016 | Closed by Consumer vs. Closed by Creditor
A closed credit card account will show up on your credit report as either "Closed by Consumer" or "Closed by Creditor". The words may not be exactly the same, but a close variation should easily be found on your... -
Jun 30, 2016 | Time to Ditch the Debit Card When Shopping Online
There are still way too many consumers out there that use debit cards to shop online. If you're one of them, listen up. It's time to finally ditch the old debit card and make sure you're protecting yourself by using a credit... -
Jun 20, 2016 | Avoid On-the-spot Signups for Retail Credit Cards
Retail credit cards can become a huge problem for those who find it difficult to just say no to the "get 10-percent off your purchase today" sales tactic. Remember that credit card companies are in business to make money, and the whole... -
Jun 07, 2016 | What Are the Risks of Co-signing?
If you haven't been asked by a close friend or family member to co-sign on a loan or credit card application yet, consider yourself lucky. Chances are you will be asked at some point in your life, so why not prepare yourself to give the right answer now? The key... -
Jun 01, 2016 | Will Shopping the Market Hurt My FICO Scores?
Are you ready to shop for the best deals on a home or auto loan? While multiple inquiries at one time for your credit report information can theoretically hurt your credit scores, the fact is they probably will not drop too much... -
May 20, 2016 | See What Income-Based Repayment Can Do For You
Are you struggling to keep up with your federal student loan payments? If so, a provision of the 2007 College Cost Reduction And Access Act, known as IBR (Income-Based Repayment), may be just what you've been searching for...
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