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 16, 2011 | Know Your APRs
Most credit cards have more than one APR. However, credit issuers tend to focus their advertisements on just one—attractive introductory APRs that usually last for 6-12 months after a new card is issued. But while promotional interest rate periods for no interest... -
Jan 09, 2011 | Take Charge of Your Gift Cards
Do you have a sock drawer full of unused gift cards from the holidays? If so, you're definitely not alone. Some experts believe that consumers leave over $5 billion on gift cards each year. That's a lot of unused dough! However, thanks to a new Seattle... -
Jan 02, 2010 | Put Your Social Security Tax Cut to Work
If you pay social security taxes, your withholding rate just dropped from 6.2% to 4.2% beginning January 1st. This tax cut, dubbed the 2011 Payroll Tax Holiday, was actually passed by Congress late last year as a replacement to the... -
Dec 27, 2010 | Set Your Financial Goals for 2011!
The excitement of Christmas has come and gone, but there's still one week left in 2010. In fact, this is the perfect time to not only reflect upon the previous year, but to also look ahead and set some personal financial goals for 2011. Do you still have... -
Dec 20, 2010 | Don't Fall for the In-Store Credit Card Spiel
A recent survey by myFICO, creator of the almighty FICO credit score, reports that 1 in 10 shoppers will sign up for an in-store credit card when offered a discount at the cash register. You know how the spiel goes, right? Just... -
Dec 12, 2010 | Check Your Credit Card's Return Protection Policy
Americans love to return things. It's part of our shopping culture. Try buying something in Asia and then returning it a few weeks later because you decided the color just wasn't right. They'll look at you like you're... -
Dec 06, 2010 | Make a List and Check it Twice
If you're interested in staying within your holiday shopping budget this year, take some advice from the big guy in the red suit—make a list. And after it's made, check it twice before you hit the malls to brave the masses. A carefully prepared list is... -
Dec 01, 2010 | How to Choose and Use a Balance Transfer Credit Card
Advertisements promoting zero-percent balance transfer offers can look quite appealing when high-interest credit card debt is keeping you up at night. What could be better than transferring your debt to a credit card that won't... -
Nov 29, 2010 | Check Your Credit Card Rewards Bonuses Before Holiday Shopping
The holiday shopping season is in full swing, which means retailers and credit card companies are working overtime to win your business. So what do the retailers have up their sleeves this year?... -
Nov 17, 2010 | Consumer Financial Protection Bureau: Will it Help?
The recent economic crisis highlighted serious problems within financial sectors of nations across the globe. In the US, these problems have hit home particularly hard, leaving American families with lost wages, mounting debt, and...
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