You’ve heard a lot about how essential it is to pay your bills on time and make at least the minimum payment - but here’s one more important piece of advice: Pay more whenever you can.
It will save you money in the long run and will help you get out of debt faster. That’s because the sooner you pay off any bill where interest is charged – whether it’s your credit card, car loan, or mortgage – the less you will pay in interest costs.
In fact, paying off your bills faster can save you thousands of dollars.
For example, a $100 minimum payment on a $5,000 credit card bill at 18% interest would take 93 months to pay off and cost you $4,311 in interest charges. If you paid $200 a month instead, you’d have that bill wiped out in 32 months and pay only $1,314 in interest. That’s a savings of nearly $3,000!
So, always be responsible about making your payments on time and think about how much you’re saving by paying more whenever you can. You can even use great tools like online banking to set how much you want to pay each month so you can automatically start paying down your debts!
Ask us about it. We’re here to help.
Questions?
Fidelity’s Client Care Center Bankers are here to help. For assistance, call 1.800.388.4380. The hours are Monday through Friday, from 8:30 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m. or visit www.bankatfidelity.com.
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Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and an array of personal and business banking products and services.
