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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Mar 29, 2009 | Credit Reports Don't Merge After Marriage
There are several common misconceptions about what happens to an individual's credit reports after marriage. One of the most common myths is that when you are married your credit reports will merge together with your spouse's... -
Mar 22, 2009 | What is a Default Interest Rate?
Has your credit card's interest rate jumped from 12% to 30% in just one month? If so, you have most likely fallen victim to the dreaded Default Interest Rate. Generally looming in the 25% to 30% range, a default rate is significantly higher than the... -
Mar 17, 2009 | Identity Thieves Prey on Job Seekers
Are you out of work and looking for a job? Unfortunately, there may be some people out there who wish to prey on your bad fortune. Identity thieves in particular have recently ramped up activity as they seek to take advantage of our country's bad... -
Mar 15, 2009 | Don't Ignore the "Schumer Box"
The Federal Truth in Lending Act (TILA) requires credit card companies to disclose certain information in any offer they make to you. In addition, the "Schumer Box", named after Sen. Charles E. Schumer who sponsored the provision to the TILA... -
Mar 08, 2009 | Beware of Hefty Over-the-limit Fees
There are few things worse than getting slapped with a hefty $35 fee for spending a few dollars more than your credit limit. However, it can easily happen to the best of us, and the fact is most consumers aren't even aware of the fees until they... -
Mar 01, 2009 | Beware of Identity Theft on Social Networking Sites
Popular social networking sites, such as Facebook and MySpace, have become all the rage in recent years. And while they are undoubtedly a great way to connect with friends you probably forgot about years ago, they... -
Feb 24, 2009 | Top 5 Ways to Manage Student Loans
College graduation should be one of the most exciting times in your life. You've worked hard to get your degree and prepare yourself for a successful and fulfilling career. Now it's time to get out of the classroom and take that next big step into the... -
Feb 22, 2009 | Is Forgiven Debt Really Considered Income?
If you're in the process of settling a debt or thinking about approaching a creditor to begin debt settlement negotiations, it's important to remember that the IRS considers forgiven debt to be taxable income. What this means is that... -
Feb 15, 2009 | Bid Farewell to Your Experian Credit Score
Effective February 14th, FICO credit scores from Experian, one of the three major credit bureaus, are no longer available to consumers. Equifax and TransUnion FICO scores can still be accessed via www.myfico.com; however, Experian... -
Feb 05, 2009 | Freeze Your Credit Reports to Prevent Identity Theft
While millions of consumers continue to fall victim to identity theft each year, many are starting to fight back with new tools— credit alerts and credit freezes. Sounds effective, right? Though they are a great...
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