Get Out of Debt: How to Lower Credit Card debt will help you look differently at your approach to becoming debt free.
To lower your credit card bills and become debt free stop brainlessly sending in minimum monthly payments to your credit card and start sending in weekly payments. If you carry a balance on one or more credit cards, start paying a weekly payment instead of a monthly minimum payment.
To lower your credit card bills, put your credit card payments on a weekly recurring auto-pay schedule with the bank instead of paying monthly. If you are in credit card debt and carrying a balance each month, this is a definite recommendation for you to consider.
Corporate America has done a beautiful job of training us to pay bills once a month. While you’re paying your minimum payment once a month, interest is accruing DAILY on your credit card balance. Take a moment and think about that last sentence. If you are carrying a balance, the credit card company is adding interest daily.. daily.. daily. To improve your cash flow and counteract this, you obviously need to reduce the balance you’re carrying.
For example, if you normally pay $100 each month, now you will pay $25 each week. It doesn’t cost you any additional money per month but WOW will you start to see the finance charges slow down. Pick one credit card that you are trying to pay off and send a little extra money to this card each week while you continue to send the minimum to the other cards each week.
Just because the credit card company says you owe them once a month; you need to think differently about how to lower your credit card debt. Paying weekly instead of monthly is a simple step to thinking differently.