Todd's Tip of the Day!

If you have multiple credit cards, then use a pay-down strategy to reduce your debt.

If you are using multiple credit cards at the same time, then it is important to develop an intelligent strategy to repay all the bills on time. If you don't develop a strategy, then it will be very difficult for you to make the bill payments. You'll start missing payments and the creditors will report them to credit bureaus. Negative items will be reported on your credit report and hurt your score.

There are lots of pay-down strategies which you can use to protect your financial health. For example, you can use bi-monthly strategy to repay your bills. You can pay off the bills twice a month. This way, you won't have a pay a huge bill at the end of the month.