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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: bi-monthly payments||Date: 7/2/2001 1:58 PM|
|Author: revbluejeans||Number: 79208 of 308043|
I was just reading about strategies to reduce debt, and happened upon the idea of making bi-monthly (in the sense of
twice a month) payments to credit card companies. I don't quite understand how this helps more than paying them on
Not sure how this works w/ credit cards, did it say to make the full payment twice a month or half payment twice a month?
With mortgages, a bi-monthly payment consists of making a half payment every two weeks. The reason this helps w/ the
interest is that you end up making 13 payments in a year. Perhaps this is the idea behind the credit card as well.
It seemed that the idea was to pay half the payment twice a month, but to make sure that both payments showed up in the same billing cycle.
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