Question:
How can I pay off bills more quickly?
Accelerating Bill Payments
If you are paying off bills but it seems to be taking you longer than you'd like, could you be unconsciously sabotaging yourself? If you're trying to figure out how to pay bills more quickly, STOP ADDING TO THEM. If you are trying to pay off high interest bills such as credit cards but you continue to use them, you will never get ahead of the curve. Start paying cash for purchases, and, if you don't have the cash, don't buy it. You can use either the "smallest first" payment method or the push payment method to pay your bills off. The "smallest first" payment costs more in the long run but gives you a more immediate sense of gratification by clearing small bills quickly. It may be better for those who might be discouraged from sticking with a debt pay down plan by the seemingly endless wait to finally pay off a bill. The push payment method delays that gratification a little longer, but it ultimately pays off all the debt more quickly and saves thousands of dollars in interest by paying off the highest rate debt first. The finance section of FamilyResource.com's site has some good articles on the pros and cons of each of these methods.
Personal Loans Frequently Asked Questions
How are payday loans different from other loans?
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I thought debt was bad. Why should I build credit?
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Should I use the equity in my home to consolidate debt?
What alternatives are there to home equity debt consolidation loans?
Should I consolidate my credit card debt onto one card?
Where can learn how to manage my money better?
What is a debt repayment push plan?
How often should I pay my bills?
What's the best way to pay off my bills?
How can I pay off bills more quickly?
What is a "smallest first" debt payment plan?
What is a push payment debt payment plan?
Should I transfer my high interest debt to a lower interest credit card?
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What's the best way to pay off high interest credit cards?
What is a short-term personal loan?
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What are the terms of Check 21?
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How did check processing used to work?
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Where can I find more information on Check 21?
Why did my interest rate go up?
Why did my interest rate go up on my other credit card?
Why did I get a late fee when I paid on time?
How can I avoid late fees when paying by mail?
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Can a credit counselor get my credit card company to stop charging me late fees?
Can I get a different due date to avoid late fees?
What should I do if I know I can't make my payment on time?
How can I manage my money better to avoid late fees?
How can I control my spending better?
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How will I pay for my kids' college and retirement?
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Where can I get help for my compulsive spending?
Will setting up a debt management plan affect my credit?
What are my debt relief options?
What happens if I declare bankruptcy?
Can I get credit in the future if I declare bankruptcy?
Will all my debts be wiped clean if I file bankruptcy?
Should I transfer my credit card balance?
How do I get my creditors to leave me alone?
Can I negotiate my own debt relief plan with creditors?
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| Lynda Moultry |
