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
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Sep 13, 2010 | The Minimum Requirements for FICO Scores
Individuals new to credit are often concerned about how long it will take to actually obtain a FICO credit score. Most think that as soon as some kind of credit is acquired, they will automatically have a FICO score the next day. That's... -
Sep 06, 2010 | How Long Will Inquiries Stay on My Credit Report?
A hard inquiry, which occurs when you apply for credit and your credit reports are pulled as part of the application process, will remain on your reports for two years. Your credit score may also take a small hit as a... -
Aug 30, 2010 | How to Begin Improving Your Bad Credit
The first step in any credit improvement process should begin by pulling your credit reports. Why? Because it's important to understand exactly where you stand before you can improve upon anything. Unfortunately, many people choose to... -
Aug 23, 2010 | HELOCs and Your FICO Scores
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Aug 16, 2010 | Credit Card Late Fees Capped at Minimum Payment
New fee restrictions included in the Credit CARD Act of 2009 are set to take effect this month. And one important change you may not have heard about yet mandates a new limit on the amount credit issuers can charge for late... -
Aug 08, 2010 | When to Pay Extra on Your Mortgage
Everyone's personal financial plan should include a strategy to pay down existing debt. The big question is which debt should be paid down first? In many households the single largest amount of debt is in the form of a mortgage. But just because... -
Aug 02, 2010 | How to Deal with a Lost Credit Card
The FCBA (Fair Credit Billing Act) limits your liability for unauthorized credit card charges to a maximum of $50. So if you just realized your credit card is missing, there's no reason to enter "freak out" mode. You're going to be okay.... -
Jul 25, 2010 | Beware of Overdraft Fees in Closed Accounts
Credit card users often choose to autopay their monthly credit card bills from a checking or online savings account . While this is a great way to make sure you never miss an on-time payment, it's important to remember that you... -
Jul 18, 2010 | Will Disputing an Account Hurt My Credit Score?
Credit bureaus are large organizations that process enormous amounts of data. They will undoubtedly make mistakes. Fortunately, the FCRA (Fair Credit Reporting Act) provides you with the right to correct or delete any... -
Jul 11, 2010 | How Payments Are Applied to Credit Card Balances
You may have heard that the CARD Act of 2009 now requires credit card companies to apply payments towards balances with the highest interest rate first. While this is true to a certain degree, there's been quite a bit of...
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