Tip of the Day 9 December 2009

Paying Off the Credit Card

If you can only make the minimum payment on your credit cards then pay it on a weekly basis. For example if the minimum payment for the month is $100, make weekly payments of $25, just double check due dates to make sure you will have paid the minimum required on time. One week you may need to make the payment a day early. You could even set it up to be an automatic payment from your account each week. Then ignore the minimum balance on your next statement and keep on paying the $25 (or whatever amount it was) a week and watch the balance disappear.