Friday, May 3, 2024

Hi Scott,

Thanks for your most recent newsletter article, Every Penny Counts. I am also of the mind that every penny does count, and that leads me to responding today. Since buying and reading your books, I've tightened my finances back up and have a plan to get my cards paid off once again.

I've had credit cards since 1990 and never paid interest until 2005, when I decided to become self-employed. The credit card debt soon mounted. To say the least, I got in over my head and have since gone back to work elsewhere while keeping my business on the side by working out of my home.

Now that I'm getting my debt paid down, I have a penny-pinching credit card paying secret that I haven't seen yet in your books or newsletters yet. We all know not to wait until the last minute to pay our credit card bills, because they accrue interest over that period, right? Instead of waiting to get my statements in the mail, I make my payments as soon as the new statements post online, usually a few days before I receive a printed statement.

I suppose I could just do the online billing, but I like the paper statements to keep with my paper receipts for the month for ease of filing. Also, I don't like to set up automatic payments because sometimes they don't fit my budget/schedule.

I figure at 17% interest on a $5000 credit card balance, I'm saving myself a few dollars in interest by making the payment early, and it doesn't cost me anything extra to do it!

Thanks for your books, newsletter, and website. I hope the holidays were kind to your credit cards!

Best regards,
Ron (in Spokane)

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