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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Jan 25, 2013 | Consider a fixed rate payment plan with your gas company
Alright, I may live in San Diego but I'm actually from Vermont, so I know when it's time to turn on the heat. (The answer is usually Halloween, but exceptions have been made.) And as someone whose lived with more... -
Jan 17, 2013 | Go paperless, save a tree and earn rewards
After walking in last night to find yet another stack of my roommate's mail sitting on the counter, I started to wonder why he got so much more mail than I did. Sure, most of it was junk, but I think I saw (without being nosey - come on,... -
Jan 11, 2013 | When should you apply for a new credit card?
With every new year comes reflection and resolve; for many of us, part of that self-improvement plan we promised ourselves might include ditching that high interest credit card for a new, flashier, credit card. But whether it's the new... -
Jan 02, 2013 | Don't let banking fees go unnoticed
Scanning through your checking account can be particularly challenging in late-December. Between holiday gifts, trips home and anything else that may come up during this crazy (and expensive) time of year, it's easy to overlook a small charge... -
Dec 20, 2012 | Don't wait to pay off your holiday debt!
A new survey out today suggested that consumers borrowed very little to make their holiday shopping purchases this season, and what they did spend they plan on paying back very quickly in 2013. Our friends at CreditDonkey released their... -
Dec 13, 2012 | Waking up your credit cards from slumber in 2013
One myth we've covered numerous times on Creditnet is the idea that simply owning a credit card will help you improve credit. And while that's initially true, in order to accrue some real credit history you actually have to use your... -
Dec 06, 2012 | Diversify your wallet with different kinds of credit cards
You may have just one credit card in your wallet - or you may have several. But no matter how many credit cards you choose to carry in your wallet, you should make sure you're diversifying the kinds of credit... -
Nov 29, 2012 | Holiday shopping isn't a reason to take out a Payday Loan
We've written time and again about the risks of Payday Loans, but it's worth a refresher with the holidays in full swing. PayDay loans are for real emergencies, and can be a credit (and financial) killer if... -
Nov 18, 2012 | Find out how your credit card will reward you most this holiday season
Did you know that credit card companies are offering gifts this holiday season, too? OK, maybe "spending incentives" is more accurate, but they could lead to some free gifts down... -
Sep 25, 2012 | Beware of Double Negatives on Your Credit Report
The only thing that's worse than a negative account on your credit reports is a negative account that shows up twice. Unfortunately, double entries can happen quite easily in the credit reporting system, and it takes a...
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