How to Manage Your Credit Interest

How to Manage Your Credit Interest
Now, I'm going to talk about date paid, due date, interest percent, and available credit, and why we have these columns. So on our total, on our monthly bills; I've listed all of the bills in order of their due date. And you can see this goes through the days of the month. Then over here on date paid this is when we actually paid the bill. So, you can see this matches up. But on some bills where we've had to mail it off it shows that we've mailed it off early. So this allows you to track and keep your bills paid on time. That's the main purpose of it. The next column is interest percent. And because we have credit cards and department store that charges interest, it's a good idea to track this so that you know which credit cards to try to pay off first. Of course you want to pay off the high twenty-one percent and fifteen percent down here as quickly as you can. The other percents are lower so that's not as critical as trying to get these others paid off. Then on here I've got a column for available credit. And the way we figure this is use is a formula to allow you to put in the credit limit, which in this case is six thousand dollars, minus the amount we owe, which is the six hundred and fifty-eight dollars and sixty-nine cents. When that's subtracted from the six thousand, you get fifty-three forty-one thirty-one. So I've done that on each of the credit cards and on the department store. If you look here on the credit card, we've got a big balance of fifteen thousand, minus a, a fairly smaller amount of seven hundred and fifty-one dollars. And because that's the highest interest credit card, what I'd recommend is they pay more on that credit card to get it paid off faster. In this case they are paying two hundred dollars on that credit card, and one hundred dollars on the other cards. When you sum all of the available credit, this gives you an idea of your total available credit. In this case it's twenty-five thousand three nineteen.