Interest Kills Your Finances. Especially On Credit Cards. Did You Realize That Paying The Minimum Payment On Your Credit Cards Just Builds A Deeper And Deeper Hole For You?I Have A Wonderful Strategy For Those Of You Who Have Credit Card Debt On More Than One Card.Take Out Your Credit Card Statements And Write Down The Interest Rate And The Balance Of Each. For Example, Lets Say You Have Three Credit Cards That Have Interestbalance As Listed.Card1 13.9 With A Balance Of 555.00Card2 17.9 With A Balance Of 486.00Card3 19.9 With A Balance Of 322.00Note That Card 3 Carries A Higher Interest Rate Than 1 Or 2. In Fact, Card 3 Would Cost You More Than 40 More In Interest Dollars Over A Period Of A Year If They Had The Same Balance! Do You Understand What I Am Saying Here?The Plan To Eliminate Is Easy. Pay The Minimum Balance Due On The Lower Rate Cards (in This Case Card1 And 2) And Pay As Much As You Can Afford To Pay On Card3. (For Example, You Are Paying Minimum Payments Of 15.00 On Card1 And 2 And You Can Pay 100, 150, 200 Whatever You Can Afford To Pay. Make It Hurt A Little.Continue Paying This Way Until Card3 Is Paid Off. Cut It Up And Throw It Away. You Dont Want A Higher Interest Card Do You?Now, Apply The Same Strategy To Cards1 And 2. Card2 Is The Next Highest Rate (actually 25 Higher In Interest Than Card!). Pay The Minimum Payment On 1 And Pay The Same Payment You Were Making For Card3 Plus The Minimum Payment You Were Making On Card2. You Have Already Seen You Can Get By Without The Minimum Payment. Do It!Continue Until Card2 Is Paid Off. Now, Follow The Same Routine Until Card1 Is Paid Off.I Promise You Will Feel Good About Yourself. You Will Save Money That You Didnt Even Realize You Were Spending Before.If You Have Followed This Far, Realize You Can Do The Same Thing With Your Hoousehold Loans Such As Your Mortgage And Car Loans. Many Car Loans Have Higher Interest Rates And Can Be Paid Down Much Quicker In This Manner.Remember, Start With The Highest Interest Rates And When Your Way Down. Good Luck!
