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...I'm just not sure how that works. My monthly bill says I have a periodic rate of .05425% and a corresponding APR of 19.80%.......what does this mean!?!

Please reply ASAP. I appreciate your help.

One other tip in addition to the good advice that you've already received - you don't have to wait until your next bill to send another payment. If you can't pay it all by the next due date, send in the rest as soon as you can. For example, if you're paid biweekly, send in what you can in another two weeks with a short letter giving the account number and asking that they apply it to your account. Since interest is calculated daily, the sooner you'll pay, the sooner you stop the interest charges.

And another thing - when you pay off the final amount, add maybe another 2%. This covers the interest that had accrued since your last bill. You might end up with a small positive balance, but it will stop you from bleeding interest.

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