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Hello again debt eliminators….how’s it going? I got a bunch of emails after last week’s post both thanking me for putting this list together and asking a few questions. Since last week, you were supposed to start setting up a bi-monthly payment plan on the credit card with the lowest balance while continuing to pay the minimum once a month on the other cards you have. Any success with that? Any problems with that? I hope you were able to start putting together your plan, figure out how much extra you could pay every month, and get ready to watch that debt go down. This week I wanted to answer two questions I got in the past week that might help some of you out as you are setting up this plan. Here we go…
Question #1 – “If I pay my bills by check and do not do online banking, how can I make 2 payments a month when I only get 1 statement?” – A very good question and one that I received from several readers via email. Just because you get only one statement from the credit card company does not mean that you can only make one payment. In fact, you could mail a check to them every day if you wanted to, but I don’t think you want to start doing that! Just get the address off the statement they send to you and address your own envelope and make sure you designate the credit card # on your check in the MEMO section at the bottom. But be sure to send it in time so that your minimum payment is met before the due date, but you shouldn’t have to worry about that because you are paying more than the minimum every month, right?
Question #2 – “How would I go about transferring all my balances to a low interest rate card?” – This was something I was going to talk about next week once you had your payment schedule set up. The ability of someone to get a 0% or low interest card depends on a number of factors, including your credit score, overall debt level, and if all your payments have always been made on time. For now, concentrate on getting your bills paid on time, on the new schedule you are comfortable with, and organized so that when it comes time to consolidate (if you can based on what I said above) you are ready to combine all those balances. Don’t worry, we will discuss it in-depth next week!
Please know that paying off your debt is an on-going process and one that you really need to pay attention to. The little details do count and you need to be in charge of them. For reassurance that you can eliminate your debt and to read other people’s stories, you might want to check out the site No Credit Needed, which has a ton of info and stories about debt elimination. In the meantime, continue to pay those balances down, don’t charge anything new, and stay organized. Again…you DO want to get out of debt, right?
If you missed part one of this series, you can read it right here, part two is available right here, part three is available right here, part 4 is available right here and part 5 is available right here.