Results 1 to 7 of 7
Like Tree6Likes
  • 1 Post By MrMoneyExpert
  • 2 Post By Flash635
  • 1 Post By fool
  • 1 Post By Gav
  • 1 Post By fool

Thread: How to pay off your credit card and cut down interest rate payments - Money Saving Tip

  1. #1
    Senior Member
    Join Date
    May 2013
    Location
    Sydney CBD
    Posts
    285

    How to pay off your credit card and cut down interest rate payments - Money Saving Tip

    I wasn't sure if this should go in the Money Saving Tips or in here the credit card section as this I feel is one of the most important money saving tips to pay off your credit card and cut down on interest payments, the average credit card user pays $800 per year in interest rate fees alone.

    How to pay off your credit card and cut down interest rate payments

    It doesn't matter if you have a few hundred dollars or your debts are into the thousands there's a few good tips to cut down your credit card interest and fees.


    1. Never be late with a payment.
    2. Stop adding any more to the credit card.
    3. Always pay more than the minimum repayment amount, whatever you can will help out, at extra $50 every month is a great help.
    4. If you've got credit cards with different interest rates pay more off the one with the highest rate and make sure you the minimum amount on all credit cards
    5. Think of either moving to an interest free credit card using a 0% interest balance transfer card.
    6. If you can't do #5 try applying for a personal loan with a lower interest rate than your credit card.


    I know this is is step 2 but I feel it's very important: If you can help it do not add anything to credit cards while trying to pay off debt.
    Gav likes this.



  2. #2
    Gav
    Gav is offline
    Administrator Gav's Avatar
    Join Date
    Jun 2012
    Location
    From Newcastle
    Posts
    8,420
    Blog Entries
    2
    hi MrMoneyExpert I added a link to this post from the Lets Try to Name 1000 money saving hints thread. I think it's a very important piece of information on saving money, or at least a good starting point to saving money!

  3. #3
    Junior Member
    Join Date
    Sep 2013
    Location
    Brisbane Forest Lake
    Posts
    8
    One of the best ways to reduce interest on a credit card and pay it down is to put your whole wage into it and pay your bills using the card. It works.
    Gav and fool like this.

  4. #4
    Gav
    Gav is offline
    Administrator Gav's Avatar
    Join Date
    Jun 2012
    Location
    From Newcastle
    Posts
    8,420
    Blog Entries
    2
    I thought I might add this after reading Flash635 post above:

    Credit Card cut down interest tip #8: If you can't pay your entire wage into your credit card as suggested above, another good idea is pay as much off your credit card the day you have money, don't wait for the due date. This means interest isn't accruing over the time between getting paid and paying off some of the credit card debt.

    Reducing debt as fast as possible is one of the best ways to save money.

    Jeff, I put a lot of my bills onto a credit card, but I always try to pay off the debt before due date in full.

    It also means I have the money for the credit card sitting in savings and earning interest until I need it to pay bills.

    One thing people that are in credit card debt should look at is this post: Banking Reforms - helpful information about credit card debt in Australia. as it gives a bit of information about

  5. #5
    Administrator fool's Avatar
    Join Date
    Jul 2012
    Location
    Newcastle
    Posts
    17,312
    Who's Jeff?
    Other than that, good advice all round
    Gav likes this.

  6. #6
    Gav
    Gav is offline
    Administrator Gav's Avatar
    Join Date
    Jun 2012
    Location
    From Newcastle
    Posts
    8,420
    Blog Entries
    2
    Flash635 is Jeff, he posted details when he introduced himself here: Say Hello and Introduce yourself.
    fool likes this.

  7. #7
    Administrator fool's Avatar
    Join Date
    Jul 2012
    Location
    Newcastle
    Posts
    17,312
    Ahhh, nice, I thought you had some sort of mind reading power, bit disappointed now.
    Gav likes this.


Similar Threads

  1. Replies: 18
    Last Post: 17-10-2013, 03:01 AM
  2. Replies: 1
    Last Post: 14-06-2013, 03:42 AM
  3. Replies: 3
    Last Post: 04-04-2013, 11:12 PM
  4. Replies: 0
    Last Post: 21-10-2012, 09:48 PM
  5. Replies: 0
    Last Post: 03-07-2012, 01:18 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
share this page


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129