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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May 11, 2016 | How to Avoid Foreign Transaction Fees
Foreign transaction fees are often as high as 4 percent and are charged by virtually all credit card issuers for purchases made overseas. How can you avoid them? If you're like most world travelers these days, credit cards will... -
May 06, 2016 | Think twice before getting a cash advance.
If you are in a lot of debt, a cash advance or payday loan can seem incredibly helpful. With a cash advance, you get cash almost immediately. These loans are easy to get approved for, and you can pay off the debt you need. However, be... -
Apr 19, 2016 | Pay Rent With Credit Cards and Earn Big Rewards
If you rent an apartment, the largest expense in your monthly budget is most likely your rent. So would you put your rent on a credit card if you could? If you plan to pay off your balance each and every month, the answer to... -
Apr 01, 2016 | Think Twice Before Paying Taxes with Your Credit Card
Tax time is upon us yet again, which means many of you will be scrambling over the next few weeks to get your tax returns done and cut a check to old Uncle Sam. However, in recent years the IRS has made it fairly easy to... -
Mar 15, 2016 | Leaving Monthly Balances Won't Boost Credit Scores
You've probably had friends tell you how they established their credit history faster by leaving monthly balances on credit cards instead of paying balances in full. I hope you didn't fall for this one!... -
Mar 14, 2016 | Don't Sweat the Soft Inquiries
A soft inquiry is recorded on your credit report when an existing creditor reviews your file, a prospective creditor pulls your report for marketing purposes, or you order your own credit report for monitoring purposes. A common misconception is that... -
Mar 03, 2016 | How Much Does an Inquiry Hurt Your FICO Score?
A hard inquiry occurs when you apply for credit and the lender pulls your credit scores as part of the application process. Credit reports include records of all hard inquiries for up to 2 years. Unlike soft inquiries, hard... -
Feb 22, 2016 | Should I Add My Child as an Authorized User on Credit Cards?
If you care about the financial future of your children, then you know how important it is to begin helping them build good credit from an early age. One of the best and safest ways to do that is by adding... -
Feb 04, 2016 | Foreclosure and Your FICO Credit Scores
A foreclosure ranks high among the most damaging hits to your credit score. In fact, FICO has stated that foreclosures will typically result in a loss of 85 to 105 points for someone with a 680 credit score. And if you have better credit, say a... -
Jan 18, 2016 | Will too much plastic hurt my credit score?
In order to have a great credit score, it's important to have some credit cards in your wallet and a lot of available credit to use. So, will having too much plastic in your pocket hurt that solid score you have worked...
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