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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Jul 10, 2008 | What's a "Good" Credit Score?
Everyone seems to care what your credit score is these days. Even insurance companies and employers are taking a look at your credit history to determine if you are a "risk" worth taking. You may pull your credit report regularly and know what your credit... -
Jul 05, 2008 | Reduced Credit Card Limits Hurt Consumer Credit Scores
We spend a great deal of time in the credit industry educating consumers about credit utilization and explaining why it's important to understand the term. As banks and other card lenders are currently reducing credit... -
Jul 02, 2008 | Beware of Excessive Debit Card Holds at Gas Pumps
If you are a fan of using your debit card to make everyday purchases, you may want to think twice before filling up this July 4th weekend. Consumers have been complaining across the country about excessive holds on debit card... -
Jun 26, 2008 | Experian Implements New Credit Scoring Model: Authorized User Accounts Dropped
The Fair Isaac Corporation announced a major change in 2007 to their credit scoring formula, which ignited quite a bit of controversy and anticipation throughout the industry over the past year... -
Jun 26, 2008 | How to Save 15-75% on Meals
If your busy life forces you to eat out often, then you should know just how painful it can be on the pocketbook. In fact, eating out is by far the biggest variable expense most families have each month. Take a moment this week to review your credit card... -
Jun 12, 2008 | ID Theft Tops FTC's List—Are You Protecting Your Good Name?
For the eighth year in a row, identity theft led the way in 2007 as "the number one consumer complaint category". The Federal Trade Commission's List of Top Consumer Fraud Complaints also reported that... -
Jun 08, 2008 | How to Ease Your Pain at the Pump!
The media was talking about the "$50 fill-up" like it was an anomaly just a few years ago. With the average national price for regular gas hitting $4 for the first time, a "$50 fill-up" these days probably means you still had a half-full tank when you... -
Jun 01, 2008 | Beware of Credit Card Currency Conversion Fees!
As credit card issuers continue to look for additional ways to boost fee revenue in the midst of the credit crisis, consumers traveling overseas should pay special attention to foreign currency-conversion fees. Virtually every... -
May 25, 2008 | I never use my first credit card anymore - Should I just close the account?
Closing out your oldest credit card immediately shortens credit history and negatively affects your credit score. Length of credit history accounts for approximately 15%... -
May 18, 2008 | The Fed Cracks Down on Credit Card Companies - Too Little Too Late?
In early May the Fed issued several new proposals designed to protect consumers by restricting various credit card billing practices and requiring more clarity in disclosure of costs. The US Federal Reserve...
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