Saturday, March 27, 2010
Death By A Thousand Payments
Hubby has a credit card that just won't die. He doesn't use it any more but with a high interest rate and low payments and a relatively high balance, it seems like we keep paying and paying on it but it never goes away. Enter my theory based on the "death by a thousand cuts" idea. So instead of the thousand cuts, I figure we will kill this credit card with a thousand payments. After making the usual payment at the beginning of the month, I was able to make four more payments on the bill this month simply because any time I had extra money (a $50 rebate check, a surprise payment for a freelance article, etc.) I would go online and make additional payments. I understand that some creditors have a limit on the number of payments they will accept each month, but I figure that by paying extra each week I will #1, not reach the limit on the number of payments I can make, and #2, pay off this bill a whole lot faster by throwing any and all additional money at it.