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Here is a little trick I learned from the Clark Howard show on how to pay down you debts faster. Make a half payment every 14 days. This works because on most types of debt finance charges accrue daily. Those finance charges are also the first thing that is paid when you send in a payment. The faster you send in a payment the less interest has accrued since the last payment and the more of your money goes to the principle. Also by sending in a payment every 14 days (and it is important that you do it every 14 days) you make 26 payments in a year or 13 monthly payment so you are making extra payment every year.
As your balance goes down the amount of interest being accrued will go down. Thus more of your payment goes to the principle. Now your lender will want to reduce that minimum payment. Don't fall for it. Just keep making your half payments as you have been. This lets you get ahead of those minim payments. If your already paying more than the minimum then more of your extra will be going to that principle and continuing the cycle of getting you out of debt faster and faster.
Actually you will pay the debt of in about 1/4 of the time than you would if you were paying it monthly. Want to pay it off faster? Decide how much more a month you can pay, divide by two and apply it to your payment.
A couple of caveats to be aware of in doing this. First, make sure that your lender will apply your half payment when they receive it. Second if for some reason you can't make a half payment make sure you get that full payment for the month in so you don't get hit with a late fee.
Remember there at two keys to getting out of debt. One - stop adding to your debt. This means stop using that credit card if your running a balance. Two put as much money as you can to paying down the principle. Making a half payment ever 14 days is one of doing just that even if you start out only making the monthly minimum payment.
This article has been cross posted to A Geek's World.
