Organizing credit cards bills is an easy and impactful step in getting your personal finances organized. The first step is to set up automatic payments to your credit cards. Like a slow cooker's Set-It-And-Forget-It feature, making automatic payments on a credit card means less hassle.
If you’re trying to pay down credit card debt, I recommend setting up automatic payments and then supplementing that by making a second payment each month where necessary. If you typically carry no balance, or tend to pay you balance in full every month, use the automatic payment feature as a safety net.
Difficulty: Easy
Time Required: 15
Here's How:
- Check the due date on your bill. This will be the day the card company will automatically deduct from your account.
- Calculate how much your minimum payment is each month for each bill. This way you will always know the baseline needed in your chekcing account in order to make an auto payment.
- Set up the auto payment at the credit card company's website.
Extra Step: It's a good tip to call your credit card company and negotiate a lower interest rate while you set up your auto payment. The card companies have a monetary interest in consumers only make the minimum payments each month: it keeps you indebted to them for much longer than a consumer who pays 2 or even 1.5 times the minimum each month. Use this to your advantage to negotiate the lower rate!
- If your budget allows, make an additional payment monthly to pay down your debt ASAP. Experts disagree on whether to send more money to the card with the highest interest rate, or the lowest balance. I recommend sending the extra money each month to the card with the lowest balance
What You Need
- Computer
- Current Credit Card Bill
- Telephone
