debt consolidation
Out of context: Reply #12
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- iodine740
http://www.clarkhoward.com -- check out his site, he has people calling in all the time on this subject.
To save you some time, here are a couple things he'll say.
1) Stop using all cards... particularly those with the high rates and high balances.
2) Make minimum payments on your low rate cards.
3) Pay extra on your high rate cards
4) For all cards -- Take your normal monthly payment amount (or whatever you decide you're going to pay - minimum or miniumum+extra), split it in half, and make that payment every two weeks. In other words, if you are gonna pay say $200/month on a card, do it in two payments of $100 each, once on the normal due date and the other two weeks before that. Since they calculate interest based on a daily balance, and you're constantly lowering that balance every two weeks, you pay less interest and can pay off the card quicker. My wife started doing this on one of my cards and it has made a difference.