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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: (1) Weekly Payments (2) Credit Union Date:  4/8/1998  10:52 PM
Author:  TMFRunkle Number:  1078 of 312293

<<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?>>

If you are paying 12% on your cards, every $1000 cost you $10 in interest a month. If you lower your average daily balance by $200, you saved the $2 postage. Also, you have the advantage of paying the debt off faster.

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