Jan
22The Advantages of Bi-Monthly Credit Card Payments
Tagged Under : Credit, Credit Card
We all know that a good credit score is highly important in today’s economy. It is therefore all the more important that we do what we can to maintain a great credit score. For some individuals, this may mean making bi-monthly credit card payments instead of monthly ones.
Making bi-monthly credit card payments (paying on your credit card twice a month, instead of once a month) may make the task of paying on your credit card a more easily manageable one. Smaller payments, for some individuals, are just easier to budget, and may allow them to pay more on their credit card than if they were paying once a month.
Why it may pay to make bi-monthly credit card payments –
You can time your payments with your paycheck – If you are paid every two weeks then a bi-monthly credit card payment plan may work out well for you. For individuals living paycheck to paycheck, paying on their credit cards, a little bit at each paycheck, allows them to better manage their money and get their credit cards paid each month.
Paying bi-monthly may allow you to pay down your debt more quickly. For example, paying bi-monthly will allow you to make 26 smaller payments each year – or 13 payments instead of 12 – thereby allowing you to pay down your debt more quickly. You’d be surprised to find what one more payment can do to your balance!
Bi-monthly payments may help you achieve a sense of satisfaction and gratification. Bi-monthly payments are just as much about your feelings as they are about your financial well being. In other words, you may end up feeling much more in control of your finances by paying bi-monthly, and you may end up feeling more accomplished and gratified.
For many individuals, bi-monthly payments simply help them achieve their financial goals, and allow them to better budge themselves, based on their bi-monthly paychecks. In the end, achieving a balance with your credit card debt will help you tackle your debts and make them all the more easy to pay off.
Give bi-monthly payments a try – your FICO score will thank you for it!
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You should look at this as a tool to increase your score. I like such kind of payments, they are offering more stability and you could manage your budget a lot easier. It is so nice when you see that slowly but surely you get out of debt.