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"Tip on Paying Credit Cards Early"
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Article: "Tip on Paying Credit
Cards Early"
By Andre Plessis
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"Tip
on Paying Credit Cards Early" You must pay your credit card bills right away, rather than wait for the due date, if you are carrying a balance from the previous month. Most credit card issuers calculate finance using your average daily balance. The sooner you make a payment, the sooner your daily balance will drop. Example: If you carry a balance of $20,000 and your interest rate is 15%, then your daily finance charge is the following: $20,000 x 15% = $3,000 divided by 360days = $8.3 per day. If you wait 30 days to pay your bill you will have to pay 30 x $8.33 = $249.99 in finance charge for the previous month. Let's assume you pay it in 15 days then you will pay $124.99. You just saved $124.99. If you do that every month you will save $1499.99 per year. Meanwhile, early payments have another
great benefit; you cut the risk of missing the due date, which avoid any
late payment and interest rate increase that might follow based on the
agreement you signed with your credit card company. |
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budget How To Pay Off Huge Debts Very Fast How To Better Manage Your Money How Budgeting Improve Your Life Credit Repair Organizations Act (CROA) How to avoid credit repair scams How to deal with collection agencies How to protect yourself against credit repair scams Tip on Paying Credit Cards Early
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Andre Plessis
Andre Plessis
"The Mortgage Guru"
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