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 05, 2010 | Payroll Withholding: Time for a Mid-Year Assessment
We're halfway through the year, which means this is the perfect time to reassess how much you're withholding from your paycheck each month. Did you get a big tax refund last year? If so, shame on you! Wouldn't you... -
Jun 27, 2010 | Can I Be Fired for Declaring Bankruptcy?
The short and simple answer is "no". The Federal Bankruptcy Act prohibits employers from firing employees solely because they've filed for bankruptcy, but there may be other signs leading up to bankruptcy that could serve as cause for your... -
Jun 20, 2010 | Identity Theft: Debit Cards vs. Credit Cards
If you're not concerned about identity theft, you should be. More than 11 million Americans were victims of identity theft in 2009, surpassing $50 million in total losses, and these numbers show no signs of slowing down. One way... -
Jun 14, 2010 | Fed Nixes Inactivity Fees
Effective August 22, 2010, they'll be no reason to worry anymore about getting slapped with a big fee for not using your credit cards often enough. A press release, issued by the Fed on June 15th, announced that credit issuers will no longer be able to charge... -
Jun 08, 2010 | Can I Add an Account to My Credit Report?
It can be quite frustrating for consumers to discover that a credit card, auto loan or mortgage they've been paying on time for several years doesn't even show up on their credit reports. If this has happened to you, you've probably... -
May 30, 2010 | Too Much New Credit Bad for Scores
While it's true that the FICO scoring model rewards consumers who responsibly use various types of credit, applying for too much all at once will likely have a negative effect on your credit scores. "New Credit", which includes the number of... -
May 25, 2010 | Credit Reports: How One Baddie Becomes Two
When creditors are unable to collect a debt for an extended period of time, generally 6 months or more, they will write it off their books. To the debtor, this will show up on their credit reports as a charge-off, which could... -
May 17, 2010 | How Debt Validation Works
Have you been contacted by a collection agency regarding an old debt you're not sure is yours? If so, you have the right to receive more detailed information before cutting a check to anyone. In fact, under the FDCPA, you have the right to dispute the validity of... -
May 10, 2010 | Paid Collections May Not Improve Credit Scores
It seems logical—pay off that nagging collection on your credit report, and you should see an improvement in your credit score, right? Well, that's not exactly how it works. In fact, paying off an account in... -
May 02, 2010 | Beware of Skimmers & Shoulder Surfers
Identity theft and credit card fraud already account for billions in consumer fraud losses every year. Unfortunately, these crimes shows no sign of slowing down as thieves grow sneakier and more consumers fall victim to their tactics....
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