How to Pay Less Interest on Credit Cards Every Month

In a time where money is very tight, why pay credit card companies the high interest that they have no problem taking from you when you can cut the amount of interest that they charge you for holding a balance. Just by following this simple method, the amount of daily finance charge that is accrued to the account will drop significantly.

Difficulty: Moderate

Instructions

Things You'll Need:

• Credit card with balance
• Funds available to pay
• Checking account with checks or electronic payment options, or money orders

1. Find the statement with the most current balance amount. Check to see how much money goes toward principal, and how much interest gets accrued.

2. Divide that amount into four payments.

3. Schedule your payments once a week, and pay them consistently.

4. On the next statement, check the amount of accrued daily finance charges, and compare them from the previous months. You will find that because the banks charge interest everyday that a balance is held, that having paid them weekly will have lessened the total amount they are allowed to charge your account.

Tips & Warnings

• Some banks give points for paying bills on-line, this will boost those points as well.

Resources

• A great link about cooking with fire
• Living without credit in a hard economy
• Save Money by Shopping at Home

[jenng]

on 11/17/2009 GREAT ARTICLE ON How to Pay Less Interest on Credit Cards Every Month 5*

[AbbyNormal]

on 7/13/2008 Also, call the credit card company and ask for lower interest rate. If what they offer is not good, ask for a supervisor.

[xtraordinary]

on 6/29/2008 Great article, I'm going to give it a try! 5 stars!