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Thread: Paying off credit cards
12-27-2007, 12:00 PM #1
- Join Date
- Dec 2007
Paying off credit cards
I'm new to this forum and read through several of the postings on credit cards. Sounds like there's a lot of questions about 0% cards and switching cards, etc. You may want to see the post I added under the "Credit ?" category for information about how that may impact your credit score.
But that aside, I've found a couple sites that are useful for information on how long it will take you to pay off credit cards if you're just paying the minimum balance, and how you can "power pay" your cards.
Before I give you the sites, just keep in mind that if you are ONLY paying the minimum required payment on your cards, you're pretty much guaranteed to be in debt for years to come (we're talking double digits here). Just by fixing a payment amount on each card (instead of always paying an ever-lower minimum payment) you can shave years and thousands of dollars in interest off the cost of your credit.
So here's some things to play with:
CNN's debt reduction planner - http://cgi.money.cnn.com/tools/debtp...ebtplanner.jsp
Feed the Pig lunch money calculator and credit card payoff calculator - http://www.feedthepig.org/ (the picture of the pig is kind of disturbing but the information is good)
Practical Money Skills - http://www.practicalmoneyskills.com/english/at_home/(my all-time favorite money information site for parents, kids, students, etc.)
Raising a Money-Smart Child - http://www.creditunion.coop/pre_k/ (activities you can do with your preschooler)