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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Nov 17, 2008 | What's Loss Mitigation?
What does this financial buzzword you're hearing everywhere really mean? If you're a homeowner facing the possibility of foreclosure, it should mean a great deal to you because loss mitigation is a process available to help keep you in your home. And while loss... -
Nov 13, 2008 | Checking Your Credit Report for Signs of Identity Theft
Most of us have seen the clever Citibank commercials that portray identity theft victims boasting about illegal purchases with dubbed voices that are clearly not their own. While entertaining and just plain... -
Nov 09, 2008 | Rates Drop in US and UK, but Banks Fail to Follow
In an effort to ward off a deep depression, the Fed dropped its benchmark rate to a record-tying low of 1 percent, and the Bank of England recently slashed Britain's base rate by a record 1.5 percent. Since many credit... -
Nov 03, 2008 | 750 is the new 650
Prior to a few months ago, there was basically no difference between a credit score of 650 and 800 for most loans. Whether you were looking to get into a car, a home, or simply a new credit card, a score above 650 would land you the best interest rates and loan terms 90% of the... -
Oct 26, 2008 | How Will A Short Sale Affect My Credit Score?
As property values continue to head south, many people are finding themselves upside-down on home loans and possibly facing foreclosure. A "short sale" can provide an alternative to foreclosure if you're able to negotiate a deal... -
Oct 20, 2008 | Does Your Credit Card Have a Penalty Rate?
Buried deep in the fine print of your credit card's terms and conditions, chances are you will find something known as the "penalty rate clause". In fact, more than 75% of credit card issuers include a penalty rate clause with their... -
Oct 16, 2008 | Your Credit GPA: 3 Must-Know Credit Concepts for Students
Isn't it about time you gained some Credit¢ents? Perhaps you've never had to worry about credit before, but now you're off on your own and it seems like you're bombarded with credit card offers everywhere... -
Oct 08, 2008 | What To Do When Someone Steals Your Identity
Think you're having a bad day? Stuck in traffic, late for work, your kid is flunking math, the kitchen is a mess after dropping an egg? Well, you can relax and count your blessings. Because as horrible as those days might be,... -
Oct 04, 2008 | Times are Tough, but Basic Rules Remain Unchanged
The economy is hurting and credit markets are in the tank. In fact, it's easy to understand why all the media hype concerning the credit crunch has consumers scared about what the future will hold. So should you close... -
Sep 27, 2008 | How Will Foreclosure Affect My Credit?
The credit markets are in the tank, and mortgage foreclosures are happening everywhere in today's economy. Whether voluntary or involuntary, it's important to understand that a foreclosure on your home will severely damage your credit score....
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