Even if they are small, if there's no penalty to pay off your debt (sometimes there are), sneak in some smaller extra payments! This will significantly and positively affect your credit as well as your debt payoff. I have been using this approach for a couple of years and the results are shocking. Why didn't I do this before?! Try it, you'll see!
When making payments on a home mortgage loan, I was taught that it was wise to pay an additional amount each month and designate in writing that the extra amount be applied to principal. If you use an amortization schedule to track how much time that can shave off the life a loan, you'll be very surprised.
I am paying extra mortgage too
I paid extra on my credit cards to pay them off early.
good info
Great advice
good info
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Another way is that if you get paid bi-weekly, then pay your mortgage biweekly and you will have make 13 months of payment instead of the 12 months if you paid your mortgage monthly. This adds up in the long run and you can save some serious cash on the interest and you will be mortgage free sooner.
Thank you
Luckily I have no credit card debt
If you are paid biweekly In which you get 26 paychecks a year, you can make your budget based on 24 paychecks and use the “extra” two for debt. I used this strategy when I was working on becoming debt free.
Sometimes I go over the monthly required rate
Great idea to sneak in extra payments
Double on the payment too
I make many extra payment's also even if it's only $10 bucks here and there . I can usually pay off my debt faster as long as I don't spend it first never know when something unexpected comes up .
I try to make extra payments as much as possible.
Hello
When did you begin paying debt?
We always put a little extra down on our mortgage and car
Extra mortgage payment is smart
Thankful I'm debt free!!!
If you have it
This is great advice
If you can pay extra, you'll limit the amount of interest while paying off your debt faster and cheaper!
