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 13, 2011 | Can the Same Debt be Reported Twice?
Consumers are often surprised when they pull their credit reports and find that one of their old debts is listed twice under different creditors' names. How can this happen? It's actually quite simple. In most cases, the debt is listed as both a charge-... -
Mar 07, 2011 | Beware of Debit Card Caps
The new rules haven't been finalized yet, but there's a good chance that "swipe fees" (what banks and card issuers charge merchants when a debit card is used to make a purchase) will be reduced in July. So what does that mean for your wallet? Well, it could lead... -
Feb 28, 2011 | Don't Become a Foreclosure Statistic
There were more than 1 million foreclosures in 2010, according to RealtyTrac, a leading online real estate marketplace and publisher of the country's largest and most comprehensive foreclosure database. In fact, banks seized a total of 1.05... -
Feb 28, 2011 | Rent Payments Now Included on Experian Credit Reports
Experian recently announced that it began including residential rental payment data on credit reports as of January 2011. In the past, the only way rental payment information would ever show up on your credit... -
Feb 23, 2011 | Don't Use Retirement Funds to Pay Off Debt
It can be tempting to dip into retirement money when no cash is left in the bank and there are bills to be paid, but you must resist the temptation! Retirement funds are for one and only one thing—retirement. They need to be left... -
Feb 15, 2011 | Prepare and e-File Your Tax Return for Free
Tax season is upon us yet again! But before you head out to purchase the latest tax software, did you know that you might be able to get it for free? In fact, if your Adjusted Gross Income (AGI) was $58,000 or less in 2010, the Internal... -
Feb 07, 2011 | Missing Accounts on Credit Reports
Did you know that your credit reports may not reflect all your credit accounts? The truth is creditors aren't required to report anything to the major credit bureaus, so many lenders simply choose not to do so. Smaller credit unions, local... -
Jan 31, 2011 | How Loan Modifications Affect Credit Scores
The extent of a loan modification's effect on your credit score first depends on whether your lender reports the loan to the credit bureaus as a new loan or the same loan with changes. If it's reported as a completely new loan, the... -
Jan 23, 2011 | Foreclosure, Short Sale, Deed-in-lieu: All the Same to FICO
Lots of lawyers, real estate agents, and loan officers love to give free advice about credit scores these days. Unfortunately, many of them have no clue what they're talking about. A common piece of... -
Jan 20, 2011 | How to Pay Off Debt: Determining Your Best Course of Action
Personal finance gurus love to argue about which debt you should pay off first. Browse the Internet for just a few minutes, and you'll find volumes of painfully long articles rehashing the same old approaches to paying down debt. If you...
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