So a quick recap…
Splitting my CC payment into 4 saved me 10 dollars the first month.
The second month totals just came in and the savings increased to 17.00 This should dramatically decrease the time it will take for me to pay off this account.
Now I am applying this same method to both my cards..Will send an update next month once I know the impact.
Good Luck All.
I am not sure how this works. Can you explain. I have a Capital One with a balance of $400 as an example. My monthly minimum is $15 are you saying for this card you would pay $5 a week which would add $5 a month?
If I owed only $400, the minimums would only be about 12.oo or some. IMO, THAT is the one I would triple the minimums on and get rid of it soonest.
Meet the minimum on the due date, then in the middle of the month with your next paycheck, add another payment of something more, either another minimum or if you can, more..
IIRC, they were talking about a card with a big minimum and say $4700.00 would be about $200 and some a month. The poster would pay $100.00 2 weeks before the due date and then another $100.00 ON the due date.
First off NEVER NEVER NEVER only pay 15 dollars on a credit card, they will suck you dry with interest charges. But what I did and was trying to explain which you mayhave missed my original email a month or so ago.. but here it goes
My Minimum on the one card is 160, so i split that up into 4 equal payments, paying one of the equal amounts every week. What this does for you is reduces the amount of interest paid at the end of the month, thus giving you a bigger principal payment without having to actually fork out extra cash. If I continue to do this over the term of the re=payment I will save a ton of interest and pay it off much faster then I was currently doing. The minimums will continue to decrease and the principal payments will increase.
In your case you really need to sit down and figure where you can pull some extra doe from and get rid of that card, I wish I only a 400 dollar card to deal with… devote all your resources to that card, then you can move on to tackle anything bigger you have that is next in line.