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Hi Folks --
I have a question and a comment.
The question:
I know that making payments twice on a month on a mortgage, as opposed to once a month, is supposed to help you pay down your debt quicker. Is this also the case with credit cards? I am currently paying down a $6500 cc debt (on two cards) and could easily spread the $500 or $600 I'm paying out each month over weekly payments. Of course it will cost me an extra $2 or so in postage, but will there be a significant interest savings as my average daily balance would be lower?

The comment:
I just discovered that my employer's Credit Union (of which I'm currently NOT a member) offers 12-month loans for 9.5% interest. I plan to take advantage of this, since I'm a little concerned about the negative effects of "card-surfing" and my introductory apr on one card is about to go up to 16%. I figure I could even get a loan to pay off my total cc debt and pay off the whole thing in about a year if I bite the bullet.
I don't remember seeing this as a debt-payment strategy in any of the postings here in the last few months, so I thought I'd mention it. I never paid any attention to the credit union, since I have a branch of my bank a block from my house and I've been happy with their service. But it turns out the credit union has really competitive rates on all kinds of loans!

Thanks for all the great help and inspiration I've had from this board. I've come down from a total indebtedness (including a car & student loan) of about $20,000 and I'm now at about 1/2 that. I am using Quicken to help me budget, and I plan to be totally debt-free by June of 1999.
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