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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Apr 26, 2010 | Paying Off Car Loan Could Hurt Your Credit Score
It may sound counterintuitive, but paying off your car loan probably won't improve your credit score. In fact, if it's the only installment loan you have, your credit score could take quite an unexpected hit. Here... -
Apr 18, 2010 | CD Laddering: How it Works
If you're like many consumers these days, you're spending less and saving more. And while high-yield online savings accounts certainly make a great place to stash your savings, their interest rates are variable and thus subject to downward movements in the market.... -
Apr 11, 2010 | Closed Credit Cards Can Still Affect Utilization
Credit utilization, which accounts for a large chunk of your overall FICO score, measures how much of your available revolving credit is being used each month. The higher the ratio, the more it hurts your credit score.... -
Apr 06, 2010 | Don't Tap 401(k) to Pay Off Debt
Are you thinking about tapping your retirement funds to get rid of lingering credit card debt? If so, don't do it, and here's why: While racking up too much debt on credit cards may be one of the worst financial moves a consumer... -
Mar 30, 2010 | Credit Scores That Matter
Credit scores can be confusing enough without having to worry about whether the score you just purchased is a "real" credit score. Major Credit Reporting Agencies (CRAs) unfortunately add to the confusion by not making it very clear that most of the credit scores sold... -
Mar 28, 2010 | How to Activate a Credit Freeze
A credit freeze prevents lenders from pulling, viewing and thus modifying your credit reports. No one, including yourself, should be able to open any type of credit in your name while a freeze is active. For these reasons, initiating a credit freeze has... -
Mar 21, 2010 | Watch Your Grace Period
Do you know how long you have to pay your monthly credit card bill before interest starts accruing? If you pay balances in full each month (as you ALWAYS should), chances are your card still provides a 20 to 30 day grace period on new purchases. However, that may not... -
Mar 14, 2010 | Credit Counseling: Will it Ruin Your Credit Score?
It's a common belief that credit counseling can trash your credit score. In fact, some people even claim that enrollment in a credit counseling program is as bad as filing bankruptcy, which can often linger as a big... -
Mar 07, 2010 | Put Your Tax Refund to Good Use
If you aren't getting a tax refund this year, congrats—you successfully avoided giving the government an interest-free loan. On the other hand, if you happen to be one of the millions entitled to a big fat refund check, then you're probably... -
Mar 01, 2010 | Paid Collections: Will They Go Away?
Many consumers are surprised when they find paid collection accounts still sitting on their credit reports. Unfortunately, it's a common misconception that paying off an account in collections will simply cause it to go away. The truth is that's...
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