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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Oct 05, 2009 | To Co-sign or Not?
If you have good credit, there will likely come a time in life when a close friend or relative asks you to cosign a loan. Should you say yes? The easy in answer is "no", and here's why. Since you've worked hard to build a solid credit history, you need to protect your credit score... -
Sep 29, 2009 | Credit CARD Act of 2009: 5 Must-Know Nuggets
Signed into law by President Obama on May 22nd, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 marks a significant turning point for America's credit card industry. Consumer activists claim the new... -
Sep 29, 2009 | Is Your Annual Fee Worth It?
Nothing in the Credit CARD Act of 2009 limits annual fees, so credit issuers are already beginning to rethink their annual fee structures in an effort to fight eroding profit margins. In fact, a new strategy is emerging that provides consumers with the option... -
Sep 20, 2009 | Extra Time to Pay Your Credit Card Bill
Although most of the 2009 Credit CARD Act's major provisions don't take effect until early 2010, bill-paying procrastinators have something to cheer about already. Effective August 20th, you now have more time to get that credit card bill paid after... -
Sep 15, 2009 | Does Your Card Have an Interest Rate Floor?
Interest rates are near record lows, but many consumers have noticed their credit card rates aren't following suit. Some have unfortunately experienced skyrocketing rates as credit issuers fight to remain profitable amidst tough... -
Sep 09, 2009 | What's the FCBA?
Have you ever noticed that your credit card company mistakenly billed you for something twice? Or perhaps you returned that new flat screen TV because it was too huge to fit on your living room wall, only to find the charge still showed up on your credit card statement without a... -
Sep 06, 2009 | Credit for Paying the Bills
I find it hard to believe there are still millions of Americans that don't exist within our nation's credit-scoring system. Since credit has played an integral role in my personal financial life ever since High School, it seems practically impossible that one could... -
Aug 31, 2009 | When You Can't Opt Out
Effective August 20th, the Credit Card Act requires credit issuers to provide 45-day advance notice of a change in interest rates. The idea is that consumers will now have a sufficient amount of time to review the changes, exercise their right to opt out of the new... -
Aug 16, 2009 | Credit Reports May Be Accessed Without Your Permission
It's a common myth to believe that your credit reports can only be accessed with your exclusive permission. So, you may be surprised to find out that the Fair Credit Reporting Act (FCRA) actually includes... -
Aug 09, 2009 | How Many Points Will My Credit Score Drop From Hard Inquiries?
Hard inquiries are recorded on your credit reports when you apply for new credit products, cell phones, insurance, or maybe even a new job. They are essentially a record of every time a business...
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