Do you have credit card debt? Are you looking for an easy way to reduce your credit card debt? If so you can employ a technique that is used for mortgages on your credit cards as well. In order to keep your balances as low as possible try to pay off the card every month but in the event you cannot do that try making payments every two weeks on the card instead of a single monthly payment. If you do this you will pay smaller interest payments and more in principal as well as making an extra full month’s payment that in theory will go directly to your principal balance as there are 26 two weeks periods in a regular year.
Most credit card companies will charge interest based on your daily balance and by making multiple payments you will reduce the interest on an average basis. The more you pay the more you will reduce your principal balance.
If you are like me and most other people you want to see instant results for your efforts and multiple payments on a credit card balance will provide that for you when you review your monthly statement. Replace a luxury item or a simple want with a payment to your credit card instead and see that balance reduce even faster. Many banks will let you set up a payment schedule and you can automatically make payments every two weeks or on any other schedule you can work with.
However you should contact your credit card company and make sure they allow multiple payments in a billing cycle as not all do. Some allow payments on a daily basis while others limit you to what is on your monthly statement. If the credit card issuer does not allow multiple payments do not make them as they may charge you a fee or change the terms of your card. Also check and verify that multiple payments will be applied to your minimum monthly amount due before you make multiple payments.