If you are reading this article, I am sure that you are tired of paying huge
bills and draining away all of your money to the credit card companies. Maybe I
can help you. All you have to do is try a different approach than you are using
right now, doing bi-weekly payments.
The great benefit of paying your credit card bills bi-weekly is that when you
make half of your month's payment every fourteen days, you would have made 24
payments in a year instead of the traditional 12, so that means it would help a
lot in reducing down your interest rate, and improving your average credit
score.
However, before making the effort and hassle of arranging two payments for your
monthly bill, write up or call your credit card company to make sure that it is
okay with their credit policy to allow you to do that. You must always make sure
before taking steps like that.
This helps a lot in getting rid of your credit card debts 2 times as fast as if
you would just have paid your monthly minimum. Let me create a scenario for you
to better understand this.
For example, if you charged $5,000 on a card with a 17 percent interest rate,
that makes your monthly payment at least $100. So that just means that you pay
$50 every two weeks, you will cut down your interest by $8,149 precisely, and
will end up paying the debt in six years and 14 weeks. Now let me tell you the
important part of that scenario. If you would just have paid the monthly
minimum, you would have ended up paying your debt for about 34 years.
You should keep one thing in mind here though. You should decide, whether this
method to reduce credit card bills is beneficial or not. This mode of payment is
only nice for those who have large credits with large interest rates. If you
have small credit and small interest rate, the mode of bi-weekly payment won't
do much good, and you would just be overstretching yourself for nothing.
Also, you must make sure that you are well organized to opt for this method, as
it can prove really disastrous if you are not organized enough. The trickiest
part is sticking up with the 14 day schedule. If you don't want to face the late
fees, you would have to make sure that you never miss out on even one payment.
What you could do is, setup an electronic transfer with your bank for the money
to get automatically transferred to the credit company from your bank account
every 14 days.

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