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Debt Paydown

5wsinfo - Posted: 4/1/2009

Managing credit cards requires planning, strategy, and organization. We all know that by sending additional principal we are able to reduce our interest payment and apply more toward principal reduction. Some people like to start with the largest bill, while others start with the smallest and work their way up. Financial specialists have been advising us to start with credit card that has the highest interest rate. In order to help you determine how much additional principal you need to send, there are great calculators at ChoosetoSave.com. You can enter what you owe, the current interest rate and it will figure how much you need to send in order to wipe the balance out in a certain time frame. I've been able to determine that one of my favorite department store's card will take me 18 months to payoff if I can send an additional $20.00 per month.