Who you, a Guru? After you read these 100 Personal Loans tips, you'll be one. But we're looking to recruit a Guru to blog, write a 101 tip Personal Loans book, and become a leader of this community.
Hot topics for both consumers and webmarketers on WebmasterRadio.FM
Every Wednesday, 4PM Eastern.
March 16, 2007, Newsletter Issue #56: About "Smallest First" Payment Plans
1
Tip of the Week
Trying to figure out how to pay bills? A smallest first debt payment plan is one in which you pay bills off according to their size. Let's say you have a JC Penney bill for $300 with a minimum payment of $26, a $575 Old Navy bill with a minimum payment of $40, a $1,500 Visa bill with a minimum payment of $54, and a $10,000 student loan with a monthly payment of $200. In a smallest first debt payment plan, once you pay off the JC Penney bill, you then take that money and add it to the amount you pay toward the Old Navy bill each month. Clear Old Navy, and add the total you were paying on Old Navy and JC Penney to your Visa bill, and so on.
Paying off the smallest bills first is emotionally gratifying for many people, and the snowball effect of rolling the payments into the next bill's payment pays the debt off more quickly. However, if a smallest first debt payment plan, while emotionally gratifying, is not the most cost effective way to pay off debt. If you want to save money on interest, you should use a push payment plan.
2
About LifeTips
Now one of the top on-line publishers in the world, LifeTips offers
tips to millions of monthly visitors. Our mission mission is to make
your life smarter, better, faster and wiser. Expert writers earn dough
for what they know. And exclusive sponsors in each niche topic help us
make-it-all happen.
Founded in 2000, LifeTips offers fresh tips and advice to millions of readers. Become a Guru on a topic you're an expert in. Become a Sponsor and keep the tips flowing and traffic going to your website!
