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This is because they took your payment and applied it to a future payment, which will do nothing to help you pay the debt off more quickly.
To get around these barriers, take a few minutes to either call your credit card company, or peruse their website and figure out how to send in extra payments so that they are applied to the principal loan amount (not towards the interest, and not towards a future payment).
The slider bar is a lot of fun, so be sure to play around with it until you reach the level of monthly payment and date of payoff that makes you comfortable.
Credit card companies do not want you to pay your debt off early, as it takes away the amount of interest they are going to make.
Be honest with yourself: can you keep this line of credit open without spending on it (or paying it off within the grace period), or do you need to close it to put a stop to future debt?
The decision is yours, and you know yourself the best.
Increasing hours at work, taking on a part–time or second job, renting out a room or garage or asking an older child to find part–time income may be possible.
This may mean spending less on recreation or entertainment, not eating out for lunch or dinner as often and learning how to stretch the dollars at the grocery store a little further.
You first need to figure out how much money you owe on your department store credit card and the interest rate, if you don’t know already.
The night before, I drove to the nearest Macy’s and purchased my first business suit ensemble.
Scoring a great deal with sales and a coupon, I decided I might as well keep the discounts flowing when they asked if I wanted to receive 10% off for opening a Macy’s credit card.
That’s because the lower your interest rate, the more your monthly payment goes towards principal and not towards interest.
Using that same 1-800 number from above, call your credit card company and ask to speak to a representative.
In fact, I used to have my own Macy’s department store credit card.