Credit cards pay down
Date: Mon, 04/03/2006 - 11:59
is it true that if i make bi-weekly payment on my credit card that i could pay it off 75% quicker than if i were making regular monly payments.
It does give you a few extra payments a year, but I don't know i
It does give you a few extra payments a year, but I don't know it it would figure out to be 75% quicker.
~Mary
It depends on several factors like how much you are paying, what
It depends on several factors like how much you are paying, what is the interest rate etc. However, bi-weekly payments will definitely accelerate the process.
Your regular payment will not all credit your account, because o
Your regular payment will not all credit your account, because of fees/interest, etc. depending on your interest rate, but anything you pay additional to your account comes off the principal..That's why I always round up my car payment..A couple dollars here and there will add up eventually.
