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Posted in Paying Your Bills
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Question By
justme1981

6 Contributions
2 People Helped
Lots of debt with little income?
I had a good paying job and keeping up with my credit cards was simple, then I lost my job and had to live off my credit cards using the horrible cash advance which charges a higher APR.
I now work from home with a very small income, but my credit is very good and all my bills are current. I do this by never missing my minimum monthly payment and making a little extra payment when I can. I found this much easier to do by making weekly payments (since I get paid weekly) as opposed to monthly ones.
For example, if you have 4 credit cards that have a minimum payment of $25 all due in the same week you may have a hard time coming up with the $100 all at once. Instead try making weekly payments of $7 - $10. Even making $7 a week payment would give you $3 over your minimum payment towards interest. It doesn't seem like much, but trust me every extra $1 makes a difference in the long run.
If you are going to pay weekly make sure that you are able to set aside at least the minimum, in this case $6.25 each week. If you have an extra few bucks one week use it to pay more on the card with the highest APR.

I hope this helps.

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Top Contributor
7353 Contributions
3808 People Helped

Very Good!!

You made lemonade out of lemons!!  While getting credit cards paid in full when the statement arrives (which you likely were doing) is the best way, your plan of paying according to your income schedule is excellent, and you are paying MORE than the minimum.  You should have those cards paid off quickly.  Keep up the good work!!!  

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