Never miss a payment
Even if you only make the minimum payment on your balances to start, make sure you pay each and every bill on time, every time. Missing that due date could result in both a late fee and a penalty APR, meaning you could pay up to 30% interest for a while instead of your normal interest rate. Dealing with that penalty interest rate could set your payoff plans back in a major way.
To make it easier to avoid payment disasters, set up automatic payments. You can always make additional payments when you’re able to pay more than the minimum, or adjust the amount for your monthly payments. And if your debt is in a balance transfer promotional period (more on that in the next slide), you’ll want to make sure you can pay off your entire balance during that zero-interest period.
