Comments on: Don’t Get Sucked Into the Minimum Payment Trap! http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: jonezy http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-440695 jonezy Fri, 20 Nov 2009 18:47:14 +0000 http://allfinancialmatters.com/?p=1401#comment-440695 can we pay the minimum balance on some of the payments? can we pay the minimum balance on some of the payments?

]]> By: AllFinancialMatters » Blog Archive » Dave Ramsey’s Snowball Method vs. Suze Orman’s Method for Getting Out of Debt http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-78671 AllFinancialMatters » Blog Archive » Dave Ramsey’s Snowball Method vs. Suze Orman’s Method for Getting Out of Debt Wed, 21 Feb 2007 01:56:10 +0000 http://allfinancialmatters.com/?p=1401#comment-78671 [...] Suze’s method makes the most sense mathematically since you are concentrating on the card that is costing you the most. And, once you get that card paid off, you can start on the next card. I also like the fact that you are paying MORE than the minimum payment each month, which is pretty much ignored with Dave’s Snowball Method. [...] [...] Suze’s method makes the most sense mathematically since you are concentrating on the card that is costing you the most. And, once you get that card paid off, you can start on the next card. I also like the fact that you are paying MORE than the minimum payment each month, which is pretty much ignored with Dave’s Snowball Method. [...]

]]> By: AllFinancialMatters » Blog Archive » How Two-Cycle Billing Works http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-53578 AllFinancialMatters » Blog Archive » How Two-Cycle Billing Works Tue, 12 Dec 2006 20:11:12 +0000 http://allfinancialmatters.com/?p=1401#comment-53578 [...] It’s best not to carry a credit card balance at all. However, if that’s not possible, consider using a credit card that doesn’t utilize two-cycle billing (in other words, avoid Discover). Finally, avoid paying just the minimum payment. Bookmark to:   [link] [...] [...] It’s best not to carry a credit card balance at all. However, if that’s not possible, consider using a credit card that doesn’t utilize two-cycle billing (in other words, avoid Discover). Finally, avoid paying just the minimum payment. Bookmark to:   [link] [...]

]]> By: fivecentnickel.com http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-52671 fivecentnickel.com Sun, 10 Dec 2006 04:27:31 +0000 http://allfinancialmatters.com/?p=1401#comment-52671 <strong>Weekly Roundup - 12/08/06</strong> Here’s a quick look at some of the personal finance articles that caught my eye over the past week. JLP warns against getting sucked into the minimum payment trap. Flexo has a rundown of rebate credit cards. MBH sold his soul (and his phone num... Weekly Roundup – 12/08/06

Here’s a quick look at some of the personal finance articles that caught my eye over the past week.

JLP warns against getting sucked into the minimum payment trap.
Flexo has a rundown of rebate credit cards.
MBH sold his soul (and his phone num…

]]> By: Steve http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-51953 Steve Wed, 06 Dec 2006 20:05:37 +0000 http://allfinancialmatters.com/?p=1401#comment-51953 We have a second checking account that's just for bills and a portion of each of our checks automatically goes into it. We've decided how much we want to pay towards our credit card debt each month and we keep that constant, no matter the minimum payment (paying off the highest balance first). The point is that by making it automatic we really don't miss it! We have a second checking account that’s just for bills and a portion of each of our checks automatically goes into it. We’ve decided how much we want to pay towards our credit card debt each month and we keep that constant, no matter the minimum payment (paying off the highest balance first).

The point is that by making it automatic we really don’t miss it!

]]> By: Matt http://allfinancialmatters.com/2006/12/05/dont-get-sucked-into-the-minimum-payment-trap/comment-page-1/#comment-51910 Matt Wed, 06 Dec 2006 16:29:31 +0000 http://allfinancialmatters.com/?p=1401#comment-51910 I've seen what you wrote about in practice myself. My balance almost never seemed to go down because after the interest payments I would only be paying 20-30$ down. I've gone to a steady $125 per pay accelerating the reduction, this worked really well and I got used to the money leaving right when I got paid. I’ve seen what you wrote about in practice myself. My balance almost never seemed to go down because after the interest payments I would only be paying 20-30$ down.

I’ve gone to a steady $125 per pay accelerating the reduction, this worked really well and I got used to the money leaving right when I got paid.

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