To Top

Round Up Credit Card Payments

When paying off credit cards, always round up payments as much as you can. If the minimum payment is $25, try to pay $30. Credit card companies set minimum payments to maximize the amount of interest they can earn from you over the life of the debt. Paying more, even a small amount, significantly decreases how much interest you will end up paying.


By ThriftyFun

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

April 10, 20060 found this helpful

And, of course, if you pay the full amount by the due date, you pay no interest at all. It's like using someone else's money for a month for free!

ReplyWas this helpful?Helpful? Yes
September 22, 20060 found this helpful

Some experts say to pay off the card with the highest balance first, others say to pay off the smallest balance first, and others say to pay the one with the highest interest first. All have good reasons for their choice. People get so confused, that they fail to do anything, which is the biggest mistake of all. Do not allow yourself to be paralyzed. If you seriously want to get out of debt, just pick one and pay extra, no matter how small, till you get it paid off and then start paying on another one. And refuse to charge any more until your debt is gone.

ReplyWas this helpful?Helpful? Yes
September 22, 20060 found this helpful

When we were paying off several debts from the immediate needs of buying our home, we used two tactics that worked well. After making the initial repairs/upgrades that were not optional for safety or health we quit doing work on the house until the debts were paid off. Secondly since I hoped we could pay these off within one year I divided each balance by 12 as the minimum payment then added that month's interest. We never paid interest on interest that year. What a difference that approach made for paying down the principle! There were some tough times stretching the money but the benefits were well worth the effort and some tears of frustration.

ReplyWas this helpful?Helpful? Yes

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

Related Content
In This Guide
Stack of Credit Cards
Paying Off Credit Cards
Budget & Finance Credit CardsApril 10, 2006
Shopping Online Without a Credit Card
Shopping Online Without a Credit Card
using a credit card
Credit Card Tips and Tricks
A couple renting a car.
Renting a Car Without a Credit Card
Credit Report on Table
Raising Your Credit Score
Mother's Day Ideas!
Easter Ideas!
Ask a Question
Share a Post
© 1997-2017 by Cumuli, Inc. All Rights Reserved. Published by . Page generated on March 22, 2017 at 2:18:40 AM on in 2 seconds. Use of this web site constitutes acceptance of ThriftyFun's Disclaimer and Privacy Policy. If you have any problems or suggestions feel free to Contact Us.
Loading Something Awesome!