This may seem to go completely against my earlier advice to pay annually, but that’s regarding expenses, not debt.
If you’re as “in the dark” as was, then you may not realize that your credit card interest is calculated by the average balance over the month – assuming you did not pay it off.
That means that instead of making a monthly payment, you can really help yourself by paying as often as you can and reducing that average and, therefore, your interest.
For most of my working life, I’ve been paid twice a month. Ever since I pulled my head out of the sand regarding my debt, I have made 3 payments on my targeted debt.
The first right after I got paid at the beginning of the month, the second after my second paycheck, and, finally, whatever money I had leftover from eating out and fun money in the final days of the month.
Tiny little payments help fight the tiny compound interest working against you.