Instructions:
1. Create a budget, allocating the minimum payment due on each of your accounts. Be sure that you hold back money for paying regular bills as they come due. If you are depositing money into a savings account, be sure to include that in your budget. Even if you are in debt, it is wise to save money each month in an emergency fund.
2. Set up online bill pay for all your credit cards. This will save you money on postage and check printing, thereby providing more you can allocate to micropayments.
3. Pay your bills on time and as soon as possible, instead of piling up a stack of bills for your monthly or biweekly bill paying session. If you have extra money at this point, add it to one of your credit card payments.
4. Make a goal to save or earn a specific amount of extra money for weekly micropayments. Most people should be able to come up with at least $15 to $25 weekly in savings and/or extra income.
5. Focus on paying off one account at a time with weekly micropayments in addition to your minimum monthly balance due. If your goal is to pay off the card at the highest rate first, then that is where you will apply those payments.
6. Continue paying the initial minimum payment on this card until it is paid off, regardless of how much your minimum payment is reduced.
When that account is paid in full, transfer the minimum payment you were making to the next credit card on your payoff plan and repeat the process.
Reducing Credit Card Debt is Easier Than You Think. You can combine the micropayment system with other payoff plans. If you are paying extra monthly to pay down your highest interest rate card
first, spreading out that extra money could actually reduce the total amount of interest you will pay.
For Credit Cards with Lower Rates with Balance Transfer Option, Visit: www.CherokeeFinancialInc.com
After reading your article, I began making the minimum monthly payment on all my credit cards once a week instead of once a month and paying cash for expenses and necessities. My credit cards are almost paid off and I have noticed my credit score going up a bit faster. I have also received 2 credit line increases as well. Thank You So Much For All Your Valuable Information. I look forward to reading your blog posts and taking notes. Your website at www.freedebitcardstore.com has tons of financial products and I sign up for a couple each month. You Are Totally Awesome!
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