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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Feb 25, 2010 | Some Variable Rates Only Go Up
Most credit cards currently carry variable interest rates. And while the term "variable" seems to suggest that an interest rate could vary up or down depending upon the movement of the index to which it's attached, that's not always the case. It's... -
Feb 15, 2010 | Watch Out for Minimum Finance Charges
Minimum finance charges are on the rise as credit issuers continue to search for creative ways to increase fee revenue while operating within new rules set forth by Congress. Applied when a finance charge on a credit card balance would... -
Feb 07, 2010 | Say No to Instant Tax Refunds
RALs, or refund anticipation loans, won't be as heavily advertised this tax season in an effort to avoid bad press. However, most major tax preparation chains will still be promoting these "instant" refunds behind the scenes. Touted by tax... -
Jan 24, 2010 | FICO Score is No Respecter of Income
The common belief that income directly impacts the strength of one's FICO score is perhaps the longest-living credit myth on record. The truth is whether you make $25,000 or $250,000, your FICO score couldn't care less. While it's true that a... -
Jan 17, 2010 | What's the FDCPA?
The FDCPA, or Fair Debt Collection Practices Act, protects consumers from abusive collection techniques and provides legal recourse to fight back against third-party debt collectors who violate the law. Have you ever dealt with debt collectors that call repeatedly before 8:00 a.... -
Jan 12, 2010 | 5 Ways to Protect Your Credit Score in 2010
The financial crisis of 2007-2009 changed the world of consumer credit forever. So what will 2010 bring to the credit industry? To sum it up it one word—reform. In fact, the CARD Act of 2009, which took effect... -
Jan 10, 2010 | Considering a Charge Card? Keep Your Credit Score in Mind
Charge cards can be a great way to avoid racking up debt while still enjoying the convenience of paying with plastic. But if you're considering switching your spending from credit cards to a charge card... -
Jan 05, 2010 | Don't Ignore Your Credit Card Mail
Here's some simple financial advice for 2010—don't throw away any credit card mail without reading it first! If you do, you might regret it because those letters cramming your mailbox may still look like shredder-worthy pieces of junk... -
Dec 28, 2009 | Pay the First Bill of 2010 to Yourself
Holiday cards from friends and family probably filled your mailbox in December. Unfortunately, something a lot less enjoyable and amusing to read may take their spot in January—the dreaded post-holiday bills. However, if you entered this... -
Dec 21, 2009 | Conduct a Year-End Credit Card Inventory
Did 2009 bring some unwanted changes to your credit cards' terms and conditions? If not, consider yourself lucky. Skyrocketing interest rates, reduced credit limits, increased minimum payments, and account closures have left very few...
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