Queer Fresno

First of all,Iwant you to know that I’m no expert when it comes to financial issues.I’m writing this blog because I hope that there is someone out there that might find this information useful.I don’t have many bills,but the ones that I do have never seem to go down.I always try to pay a little bit more than I owe hoping that eventually I will see a difference.Out of frustration,I recently sought the help of a financial planner.They explained to me that although paying a little extra on each of your bills will help you maintain a good credit score, it is not necessarily the best plan for long term.They suggested to me that I use a process referred to as bill stacking. Here’s what you do. Take your bill with the highest interest rate and focus just on that particular bill.Pay as much money on that bill as you possibly can.Don’t put any extra money on your other bills.Just pay the minimum.Once you have paid off your bill with the highest interest rate,start on the next one. Whatever amount of money you were paying on the previous bill should now be put towards the next bill until all of your bills are paid off.

Example…Your Visa bill had the highest interest rate.You were able to pay $100.00 a month.You finally pay that bill off.You now have an extra $100.00.Your next highest bill is your Master Card bill.You have been paying the minimum charge of $50.00 a month.Since you have paid off your Visa card,you take that extra $100.00 and add it with the $50.00 minimum payment.This comes to a combined total of $150.00 that you can now use towards your Master Card bill.

Depending on how much debt you have this process can still take a while to work.However,you should see some progress eventually.That will at least get rid of the feeling that you are running in place.Well,that’s how I felt anyway.Another suggestion I received was to have a plan ready.Eventually,( as long as you are not creating new expenses for yourself),you will be debt free.You have worked hard to get those bills down,now what?Make short term goals.Save up and throw a big party in your honor or take a fun trip with friends. You deserve it!