From: byron@upstairs (none) (Byron Jeff)
Newsgroups: misc.invest.financial-plan
Subject: Re: Bad Credit Problems
Date: Fri, 24 Aug 2007 03:59:54 -0500
Originator: byron@upstairs.(none) (Byron Jeff)
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In article <79SdnWxl9sXxvlPbnZ2dnUVZ_rqlnZ2d@comcast.com>,
joetaxpayer   wrote:
>
>
>crossedantlers@gmail.com wrote:
>> I was incredibly naive and did
>> not understand that credit cards needed to get paid off EVERY MONTH.
>
>Well, not exactly. You must make the minimum payment on time each month. 
>Depending on the card, it's 2-5% of the balance. Ideally, you would not 
>charge more than you can repay when the bill comes due.
>
>> Due to anxiety about mounting fees, I did not check my bills often. I
>> also know now that was incredibly irresponsible as well. 
>
>This is tough. You can get away with the occasional payment a few weeks 
>late, but the key is to never miss a minimum payment.

One technique that I've adopted is to set up an automatic payment of the
minimum balance. Virtually every card has that feature from their online
account management tools now. That way I can be sure not to miss that
minimum payment and then pay anything additional on the cards when I pay
the other bills during the month.

BAJ