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Paying a large amount and then charging through the month can save you a little interest, but you won't reduce your debt unless you pay the CC more than what you spend during the month.

Of course; that goes without saying. As I stated earlier, I'm now fortunate enough to earn a little over double my monthly expenses. Hence, my payments always exceed my charges for the month.

Interest is also money you spent so count that againest how much of your payment you can spend.

I'm painfully aware of this point. That's what initiated my inquiry. I wanted to alter the somehow lower my weighted interest rate, as I currently pay a little over $400 a month in finance charges.

Try not to spend, buying into the excessive consumption mentality helps the corporate bottom line at the expense of your personal bottom line. The problem with CC's is you may spend more since
it's only "plastic" money instead of "real" money with President's on the front. If you haven't looked at your consumption lately looking here may show places where you can save, so you can be more effective at reducing your debt.

It's ironic you say that, as people around me claim I'm too anal when it comes to monitoring my finances.

I made the "excessive consumption" mistake early on. Unfortunately, I was unable to get out from under it while attending school. So, while I had learned my lesson some time ago, it was not until now that I have had the financial means to do anything but sink further.

For some time now, I have utilized Quicken religously to track my finances. I know where every penny goes. I constantly review, looking for places to shave a few dollars; obsessing over how much I pay in finances charges; in general, just monitoring my progress as I work my way out.

For those that don't use Quicken (or God forbid, MS-Money), I would suggest that you look into it. There's nothing more sobering than looking through your finances saying, "I spent HOW much on <whatever> last month?!?" I'm actually addicted, and probabaly spend far too much time "surfing" through my finances.

As far as excessive credit inquiries is concerned the only thing that "cures" that is time. Many of the CC companies look more criticly at the last six months. You may want to try for a few teaser rates again in 6-9 months. Just don't forget you can't borrow your way out of debt, so when you do get a lower rate keep making the same payments, and spending as much or less. A lower rate should never be seen as making it affordable" to carry more debt. A lower rate needs to be seen as now I can get out of debt faster.

Yeah, I was going to continue making payments for six months or so, then strive for a consolidation loan.

I was merely seeking lower interest rates so that I could better leverage my credit payments to kill debt. Plus, it just burns me to think of what I could buy every month for $450.

As it is, I should be no more than 18 months away from the light, provided that I can keep paying debt at the same pace I have for the last 4.5 months.

Thanks for the comments.

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