Save Money By Following Rule #1 - Pay off The credit Card
By Allan Hoffman
Wednesday, January 13, 2010
Ordinary people like you and me don’t have to worry about paying a billion dollar bail out but we do have to worry about paying off our credit cards. So here are some ideas from the website The Motley Fool:
Paying the minimum each month is what the banks want you to do. It takes forever- they make more money, so try to double your monthly payment.
If you have several cards, pay the minimum on all but the highest interest card and funnel as much as you can there to pay it off quicker.
Pay off the credit card by borrowing from your 401-k, most of them let you borrow up to 50% of the total.
You do have to pay it back with interest- BUT - you’re paying it all to yourself.
Here is that website with some more good ideas:
http://www.fool.com/personal-finance/credit/9-ways-to-pay-off-debt.aspx
COMMENTS