Pay "Off" Your Bills

This #MyMoneyMatters tip is from Rev. Rodney Courtney and its a mindset shift that many of us don’t consider.

When thinking about financing items or paying on credit cards, we often emphasize the importance of making payments on time; yet we rarely stress the importance of paying “off” the debt. Companies make millions of dollars by charging interest on purchases that we pay for over time. However, making a small additional payment to most of your long term financed purchases cannot only help you to pay them off quicker but most importantly, it will cost you less because you will not pay as much in interest over the life of the financing.

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