by Don Rose, Writer, Life Alert
Rule 4. Pay more than the minimum payment each month.
There are at least two good reasons for doing this. First, you will pay down the debt faster the more you pay each month, meaning you will ultimately pay less in total interest. Second, it looks better to the credit card company (and the credit reporting agencies) if you pay more than the minimum. Paying just the minimum sends the signal that you are barely scraping by, and hence not as good a credit risk, which can in some cases result in the card company raising your annual interest rate or lowering your credit limit (or both).
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About Me
- Life Alert Emergency Response
- Life Alert, founded in 1987, provides two-way communication for its members at the touch of a button when an emergency strikes, and sends help immediately. On average, Life Alert saves one of its members from a catastrophic outcome approximately every 23 minutes, saving 22,490 lives in 2009 alone, and has received over 14,000 testimonials from grateful customers in the past 2 years. Former U.S. Surgeon General C. Everett Koop, M.D. is the spokesman for Life Alert -- the only company he endorses. Once help is summoned by a Life Alert dispatcher, he/she stays on the line with the customer until assistance arrives -- and notifies family members, friends, and/or neighbors of the situation. In January 2008, “The Martha Stewart Show” featured Life Alert. The popular national television program recommended Life Alert during a segment on health-tech devices. Dr. Brent Ridge (who co-hosted the segment and is V.P. of Healthy Living at Martha Stewart Living Omnimedia) said that “we recommend this to all of the patients at the Martha Stewart Center for Living,” pointing out that Life Alert is "so inexpensive yet so vital for people."
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