Did you know that you can make multiple credit card payments through out the month? You don't need to just make that one payment at the end of the month. You can send them weekly or biweekly payments depending upon when you get paid.
Note, I would only do this if you pay your bills online. Randomly sending in a check to a credit card company is a sure fire way for it to get lost. I would also recommend that you pay it via an account attached to that bank. For instance, if you have a Bank of America checking account and BoA credit card, then pay the cc with the BoA checking account.
I've done this with banks that have no affiliation, but it was done online and it was done after I had previously made many payments to the cc company before. Start with a test transaction of say $25 and be sure to check both the bank and credit card accounts to make sure both were applied properly before going at it on a regular basis.
Why would somebody do this? If you want to pay off your credit card bills, but have a hard time doing it because "there's no money at the end of the month" then you need to pay the debt when you get paid yourself. That way it becomes a priority.
If you only pay for things via cash or a debit card and continuously have money taken out of the account to pay off debt then it forces you to live within your means. Cut up the credit card, freeze it in a block of ice, whatever just as long as you don't use it!
RSS Feed
