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10-06-2005, 07:17 AM
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$ Saving Kindergartener
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Join Date: Oct 2005
Posts: 2
Points: 91.60
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Bi-weekly CC payments?
I know a lot of home mortgages allow this strategy to facilitate early pay-off, but I've never heard of its being used to pay off CC's? Anyone here have any info on this?
Thanks!!
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10-06-2005, 07:44 AM
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$ Saving College Sophomore
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Join Date: Mar 2005
Location: Minnesota
Posts: 813
Points: 12882.40
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Re: Bi-weekly CC payments?
Basically, I'm not sure about any of this, but here's my guess:
My credit card lets me make a payment every 8 days if I want to (online). If I had an outstanding balance, I would be change interest on the average daily balance. If I made more payments my average daily balance would go down and I'd be charged less interest. So, I think if I had an outstanding balance and I made payments every two weeks (online) I'd be saving money . . .
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10-06-2005, 08:18 AM
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$ Saving HS Junior
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Join Date: Apr 2004
Posts: 228
Points: 19320.00
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Re: Bi-weekly CC payments?
Quote:
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Originally Posted by mms
I know a lot of home mortgages allow this strategy to facilitate early pay-off, but I've never heard of its being used to pay off CC's? Anyone here have any info on this?
Thanks!!
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Technically, but it is not different than paying more than the minimum once a month. Works out the same.
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10-06-2005, 08:32 AM
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$ Saving Kindergartener
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Join Date: Oct 2005
Posts: 2
Points: 91.60
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Re: Bi-weekly CC payments?
I did a quick Google search and came up with a couple of links like this:
http://www.simpleliving.net/ymoyl/gh-faq-step8.asp
I need to get more info, of course, but the fact that you never hear about it as a strategy-especially with all of the debt consolidation going on, makes me think that it's probably no better than making minimum payments.
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10-06-2005, 08:48 AM
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$ Saving College Junior
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Join Date: Apr 2004
Posts: 1,111
Points: 26771.50
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Re: Bi-weekly CC payments?
That article is extremely deceiving - it makes it seem like just paying half the amount in 2 installments creates the savings which isn't true. The thing that makes bi-weeklies work is making an extra payment a year. Monthly = 12 payments a year. bi weekly = 13 payments a year It's the extra payment that makes the difference, not paying 2 times a month like that article implies.
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10-06-2005, 09:11 AM
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$ Saving College Sophomore
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Join Date: Jun 2005
Location: Johnston City, IL
Posts: 998
Points: 9806.20
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Re: Bi-weekly CC payments?
Of course if you could pay a little more twice a month you would see the savings as well. for ex, min is $20. you pay $15 every two weeks. payment: $30
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10-06-2005, 11:16 AM
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Hopeless Optimist
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Join Date: Oct 2005
Posts: 5,146
Points: 26832.30
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Re: Bi-weekly CC payments?
Be especially wary when lenders want to charge you for this bi-weekly payment "privilege". I've received letters from my mortgage company offering to charge me "only" $300 to set up a bi-weekly payment plan. LOL. If I want to send in additional payments, I can do it for free, thank you very much.
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10-06-2005, 11:40 AM
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$ Saving College Sophomore
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Join Date: Jun 2005
Location: Johnston City, IL
Posts: 998
Points: 9806.20
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Re: Bi-weekly CC payments?
Quote:
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Originally Posted by Sweepsplayer
Be especially wary when lenders want to charge you for this bi-weekly payment "privilege". I've received letters from my mortgage company offering to charge me "only" $300 to set up a bi-weekly payment plan. LOL. If I want to send in additional payments, I can do it for free, thank you very much.
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Here is the one I love. For ONLY 4.95 pay your bill online and SAVE!  Exactly how did I save? Thanks but I will fork out the .37 for a stamp and send it in myself. I absolutely refuse to pay to send in a payment. I think that I should get a deduction for doing it that way!
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