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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Dec 06, 2009 | What's the CROA?
2008 was a tough year for credit repair agencies. In fact, the Federal Trade Commission shut down more than 30 businesses for violations of the CROA - The Credit Repair Organizations Act - which defines how credit repair agencies must operate. The trend has continued into 2009... -
Nov 29, 2009 | Don't Forfeit Your Credit Card's Rewards Miles
Banks are sending a clear message to those who enjoy racking up airline miles and hotel points for credit card purchases—pay your bill on time, or forfeit those coveted rewards. Effective January 2010, American... -
Nov 23, 2009 | How ChexSystems Works
If there's one report in the financial world you definitely don't want your name on, it's ChexSystems. Utilized by U.S. Banks and credit unions as a way to determine if potential customers are too great of a risk to simply hold a checking account, ChexSystems is essentially... -
Nov 15, 2009 | What's the FCRA?
The three big credit reporting agencies—Experian, Equifax, and TransUnion—gather an enormous amount of personal data about consumers, compile their credit reports, and disseminate information to third parties such as credit issuers or employers. The FCRA, or Fair Credit... -
Nov 08, 2009 | Do I Qualify for the Homebuyers Tax Credit?
If you didn't qualify before, your chances just got much better. The first-time homebuyers tax credit, which was scheduled to lapse on December 1, will now live on until at least June 30, 2010. And the good news is that President... -
Nov 01, 2009 | Give Your Holiday Budget a Boost
If there's any time of year when we could all use a few extra bucks in our budget, it's the holiday season. Let's face it, all those gifts, parties, expensive dinners and extra travel to visit friends and family can add up fast. However, setting... -
Oct 25, 2009 | Beware of POS Overdraft Fees
Many consumers, in an effort to avoid ATM fees, take cash withdrawals during point-of-sale transactions at grocery stores or other retail establishments. While this may be a savvy way to avoid withdrawal fees, you should know that point-of-sale terminals... -
Oct 21, 2009 | Under 21? 3 Reasons to Get a Credit Card Today
I got my first credit card when I was a 19-year-old student, but I wasn't new to credit. In fact, I had already established a solid credit score and a clear understanding of how to responsibly manage credit cards. I took this... -
Oct 19, 2009 | Holidays are a Hotbed for ID Theft
The Holiday season means more shopping than usual for most of us. Whether you like it or not, you'll probably spend more time than any other season of the year searching for the perfect gifts in crowded shopping malls and on your favorite e-commerce... -
Oct 12, 2009 | Right to Opt Out Excludes Minimum Payment Increases
Consumers have the right to opt out of significant changes to their credit card accounts, such as increases in interest rates and other unwanted fees. What's this mean? Opting out basically means you choose to...
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