I posted this a while back but will re-post it

This has been my stradegy for the last year and it is working wonders- My credit score is a solid 750 now and my debt is really melting fast. So hear it goes. I pay my credit cards 4 times a month- it is intersting to manage but you will see a benifit the very first month and every month thereafter. You will save a ton of money in to be charged interest and qucikly beat down your principal. Any questions feel free to ask.

I’ve never tried that since I have enough problems figuring out how to pay at all. I have a horrible time bugeting. We are fairly backwards using about half of our income on our mortgage. I’ve paid my credit cards early sometimes and then they want to be paid again because they consider that to be an extra payment on the balance due. Then I need to scrap up EXTRA money on top of what I’ve already paid. Does that make sense? Maybe you do something differently? Usually, I pay their minimum on or just before the due dat. THEN in another couple of weeks, I’ll pay extra onto that account. Even $20.00 extra helps. Then, when they apply their finance charge per month it is a bit less as I’ve paid the principle down. It’s a slow go, but it does work.

If you are concerned about the little bit of interest you save this way, why not simply pay that extra $20.00 with your regular payment and save even more.

Hopefully, you would not wait until the due date to make your payment. Many things can happen, including unscrupulous credit card providers CLAIMING that they did not receive your payment in time, and therefor costing you a late payment charge and extra interest.

I do something similar, and it really does make a difference. I pay all my bills twice a month, as soon as I get paid. I divide all my payments in half (plus add $10 extra to each CC minimum) and pay that amount. The card I’m working to pay off first gets every other spare cent. By paying twice a month, my debt has really started to decrease much faster than before.

I highly recommend this practice–it does reduce the daily balance, so it helps drop your balances faster. It may take a little juggling to get it set up at first, but it’s worth it in the long run.

If you, like many people, are just having a hard time paying your bills at all, start with the minimums. It’s all about doing what you can to get rid of this albatross we’re all carrying.

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