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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Aug 02, 2009 | Authorized User vs Joint Account Holder
If you're planning to add someone, like a spouse or child, to your credit card account, you'll need to first decide whether you want to add the individual as a joint account holder or an authorized user. While this can be a confusing topic... -
Jul 19, 2009 | Under 21? New Rules Limit Access to Credit
New credit card regulations set to take effect in early 2010 will make it more difficult for young adults to gain access to credit. This is an important issue for those moving out of the house for the first time or heading off to... -
Jul 16, 2009 | Online Savings Accounts: Top 3 Questions to Ask When Weighing Your Options
A soaring personal savings rate among American consumers confirms that the era of conspicuous consumption is out and frugality is in. So, where's the best place to stash... -
Jul 08, 2009 | Auto-pay Credit Cards from Online Savings Accounts
Did you know you can set up automatic payments for many of your credit cards directly from an online savings account? This can be an excellent way to earn the highest interest rate possible on your cash while ensuring... -
Jun 22, 2009 | How Many Credit Scores Do I Have?
Unless you don't exist in the credit system for some reason, you actually have three credit scores. And you have three credit scores because you also have three credit reports — one from each of the major credit bureaus. While each credit... -
Jun 14, 2009 | Shop Credit Cards the Smart Way - Compare and Apply Online
The days of just applying for whatever credit card offer you received in the mail are long gone. And that's a good thing, because it wasn't a smart way to shop in the first place. If you were in the... -
Jun 07, 2009 | Bid Double-Cycle Billing Goodbye
While the Credit Card Act of 2009 may not be perfect, it will put an end to some of the more egregious practices that have plagued the credit card industry for decades. Among the major changes the law will enact, double-cycle billing is one that... -
Jun 04, 2009 | Why Credit Still Counts
It's easy to despise the credit issuers. Who else should we blame for the ugly state in which our credit card industry exists today? Should we blame consumers for making poor financial decisions and living beyond their means? Perhaps Congress for taking so long to get... -
May 31, 2009 | Reward Yourself with the Citi Forward Card
Looking for a new rewards credit card that's forward thinking? Do you pay your credit card bill on time and stay within your credit limit each month? And do you happen to spend most of your entertainment budget on books, movies,... -
May 25, 2009 | moneyStrands Helps Put Your Financial House in Order
Our personal financial lives can quickly become complex and difficult to track. In fact, if you're like most people, you may already have several online bank accounts, a mortgage, HELOC, savings accounts, and...
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