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Money Tip: Save Money by Paying More Than the Minimum


Making a dent in your credit card debt can seem daunting, but it doesn't have to be so difficult. More than 40 percent of you have resolved to pay off credit card debt this year, so I have a tip for making sure you achieve your goal more quickly.

Paying the minimum on your balance will satisfy the creditor's demands, but it won't help you make noticeable progress on your debt. You're paying interest on your balance every month and those payments can add up to significant amounts of money — and that's money that you could be saving! Schedule your next payment for more than the minimum to reach your goal of paying off debt sooner, and you'll save money on those pesky interest payments to boot.

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