Skip to main content

New Way Of Paying Off Credit Cards?



We have always been told to pay off the credit card with the highest balance and interest rate first, and then proceeding to the next card, right? But paying off credit card debt has a new twist these days: paying the minimum due on all cards each month,  except the one with the lowest balance--that one you pay off as quickly as possible with higher payments.


When you pay off that first credit card (the one with the lowest balance on it,) you add that monthly sum to the next balance you want to get paid off quickly, while still continuing to pay the minimum balance due on the remaining cards. As you knock out one debt after the next, feeling of accomplishment will help you continue on with the plan until you have wiped out all your credit card debt.

Though it is true that paying off the biggest debt with the highest interest rate first will minimize the interest you pay over the long term, this  method offers very little motivation to stick with the program, because it's easy to feel like you're not getting anywhere and give up.

So I am curious: which method do you use, or be most likely to use?

Comments

Popular posts from this blog

Things To Do With Empty Cans of Soup

All of these ideas start with a clean empty soup can with no jagged edges. For some you may want to peel off the labels, others you might just leave the labels on!



1.. Having a picnic? Use empty Campbells soup cans as utensil holders for plastic forks and spoons on the picnic tables. (leave labels on ..adds a colorful unique touch!)

2.. Make a Halloween Decoration. Cover a soup can in black construction paper or fabric. Add some cut out eyes. For wings, color a paper plate black, Cut the plate in half. For each half, cut scalloped edges along one side, then glue "wings" to the side of the "bat can."

And a few more easy ways to recycle empty soup cans:

3. Use a nail and hammer to poke hole sin the bottom of sop cans and use as herb planters. Place a plastic lid under can to prevent rust stains.
4. Make Candlesticks (great tutorial from "Me Making Do")
5. Make a Flower-Shaped Cookie Cutter.
6. Make a Hanukkah Gift out of a soup can.
7. Make a Christmas Lum…

Home Made Halloween Costumes

Halloween is around the corner...so time to start cooking up some Halloween costumes you can make from home and save money while treating your little ghosts and goblins to a fun night!

This idea came from Kaboose.com-- I just changed a couple of things, but basically the costume idea is the same.

Home Made Spider Costume

Needed:
long sleeve black top/shirt
4 long black socks
newspaper, grocery bags, paper bags, or anything else you can use to stuff the socks with
a black knit cap
black yarn

Stuff each sock with paper or bags or filling of some sort.

Attach each sock to the side seams of the shirt (two socks on each side)
(I would suggest sewing the socks to securely attach them to the shirt, but duct tape can probably work as well.)

Next,  you will want to attach the black yarn in-between each sock and the cuffs of the shirt. This can be done in a couple of different ways. You can use the duct tape to attach a yarn piece at the cuff of the sleeve, and then tape the end of the yarn on t…

Make Your Own Strawberry Facial Scrub

Wondering what to do with summer strawberries that are getting soft and mushy? Instead of throwing them away, use them to make this awesome facial scrub that smells as good as it feels.

3-Ingredient Strawberry Facial Scrub

All you need are 2 strawberries, 1 tsp. honey and 1/4 cup sugar. That's it.

Blend the strawberries and yogurt together in a blender for a few minutes or until you get a smooth mixture. Then add the sugar slowly until you see a grainy pinkish paste.

Gently massage the strawberry paste on your face for a minute or so. Rinse with lukewarm water and pat your skin dry with a soft towel.

Strawberries contain salicylic acid - an ingredient used to fight acne and other skin blemishes. So while you are enjoying the sweet strawberry scent, you are helping your skin at the same time.

A new use for old strawberries.