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Not paying off the debt is a strategy that will bury you in interest charges. The way some companies calculate the required minimum payments, it could take you as long as 30 years to pay off your original purchase.

It's important to understand that the credit card companies don't allow you to pay back your debt in small amounts out of the kindness of their hearts. This is how they make their money. Paying the minimum payment (usually around 2% of your balance) each month, guarantees that you will be filling the credit card company's cash coffers with your hard-earned money for many years to come.

**Pay more than the minimum. Your payments include both interest and principal (the amount you borrowed). When you pay only the minimum payment, most of it goes towards interest, which is why it takes so long to pay off the original debt.

**Prioritize your debts by interest rate. To minimize the amount of interest you pay, concentrate on paying off the debts that carry the highest interest rates first.

**Don't get any deeper into debt. Save the credit card with the most favorable terms and cut the rest up. Put the one you saved in a safe place (not in your wallet) and use it only for emergencies. Use a debit card instead of your credit card

**Use your savings to pay down debt. It makes no sense to earn 1 to 3% interest on your savings account while paying 12 or 15 or 18% interest on credit cards.

**Make a spending plan. Nows the time to change your free-spending ways. To do that, track the money thats coming in and going out

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