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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Feb 01, 2009 | Credit Tips for Newlyweds
While it's not the most romantic topic of discussion, newlyweds should make it a top priority to openly discuss their individual credit histories. Of course, it's best to determine a credit strategy as a couple well before you say "I do". However, all too often... -
Jan 12, 2009 | Why is my Ex's Mortgage Still on My Credit Report?
A common credit myth is that a divorce decree will absolve you from any credit obligations the judge decides your ex-spouse will be responsible for paying. However, the truth of the matter is often discovered the... -
Jan 06, 2009 | How to Build Credit with No Debt
Roughly 50 million people in this country have no credit at all. No credit cards, student loans, auto loans, or mortgages. It's hard to believe, but it's true. Does this mean they are not credit-worthy consumers? Well, since they don't have a... -
Jan 04, 2009 | 2009 - The Year to Get Rid of Debt
Consumers have truly witnessed an ironic turn of events in the credit card world. For decades credit issuers have ferociously competed to be the first card in your wallet, and now they are just competing to be the first paid back. As the economy... -
Dec 30, 2009 | Understand Your Credit Card's Grace Period
The average credit card provides a 20 to 30 day grace period. What that means is your credit issuer will not charge interest on your new purchases during this time period. It's probably as close to an interest-free loan as you... -
Dec 21, 2008 | The Right Time to Buy a Car?
The violent winds of the current economy seem to be stirring up the perfect storm for great deals on a new car. Auto manufacturers and dealers are obviously hurting and under pressure to find a way to increase sales, so it seems likely that consumers will begin... -
Dec 14, 2008 | Credit Card Fraud: How It Happens and What to Do About It
It may start off practically unnoticeable, with a few charges here and there. Over time, though, your credit card statements begin to reflect purchases in places you're quite sure you've never visited.... -
Dec 07, 2008 | Purchase Protection Can Come in Handy
Several credit card benefits are often overlooked by the so-called personal finance gurus that claim consumers should leave their credit cards at home when hitting the malls this holiday season. Paying for everything with cash can certainly... -
Dec 01, 2008 | Leave Your Social Security Card at Home
Is it really necessary to carry your social security card around with you like a driver's license? Not at all, yet many people sill tote around one of the most confidential pieces of personal information as if they might need it at any... -
Nov 23, 2008 | Opting-Out of Credit Card Interest Rate Hikes
Citigroup Inc. and American Express are two of the largest credit-card issuers who recently announced they will hit millions of consumers with interest rate hikes just before the start of the holiday season. A two to three...
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