I was going back through some postings and -G- talked about making more than one payment a month on your cc. It sounds great but I want to make sure I understand this. Lets say your required payment is $200 a month and you divide that by 4 weeks and pay $50.00 per week to equal that $200, do each of those $50.00 payments after they equal your $200 due satisfy the cc company as making your payment that month? I’m not sure if I’m explaining that correctly, I hope you understand what I’m trying to ask. I guess what I’m saying is that as long as the cc company gets a total of the amount due ($200) it doesn’t matter if it’s all in one payment or spread out weekly as long as that total of $200 due is made by the due date?
Thanks for helping me understand.

What *I* try to do every month is:

  • Pay their minimum on or before the due date, THEN,
  • Pay another payment (Usually I try for the FINANCE CHARGE or more) out of the following paycheck.

I just scheduled the payment for GEOnline for $100.00 on the 25th… they are due $82.00 on the 5th of the month… and then on the 7th (next payday) I’ll tack on another $60-80.00. This means I am paying just over double their minimum payment and keeping the balance going down much faster than the usual $82.00 a month.

Penny’s, balance $603, $50.00 on the 25th. They want $15.00 minimum, Then on the seventh, another $50.00

Signature closed end loan, $190.00 on the 5th, firm. Then in the next payday, I usually send another $25-50.00.

Same with Target VISA and another smaller loan, which will be gone the end of March. It does mean less money for me and my pocket, but these payments over the minimums do make a big difference.

It’s different from most of those I hear on Dave Ramsey and other talk shows about debt, I don’t have a big income like some “Oh, we bring in about $60,000.00 -or more- a month…”.

From my part time job, I made $15,110.00 this last year, and get about $2,700.00 a year from SSI. Thanks to my parents, I have a paid off house, and only have utilities, property tax and insurance to HAVE to pay for. So, my groceries and all these household goo gahs get done first. Then the minimums. If my hours go down again, or I get more, that dictates most of the ‘extras’ I pay to my debt. There have been a couple of months I could only pay $20.00 more, but hey… that is something extra 🙂

I see what you’re saying, but I would rather just meet their minimum, and if something happens to my check or hours, I’m not hung out to dry.

Thanks for the information. I usually pay online and I thought I could break the minimum due into 4 payments adding extra when I can and save on the daily interest they charge as long as by the due date I met the monthly minimum due. I guess that won’t work. It just seems with the way we get paid it would be easier to break it into more than 1 payment instead of having to come up with it all at once.

Does anyone know, does the minimum payment for the month have to be all in one payment or can it be broken down? By paying online I know it gets there on time.