Compounding Strategy for Paying Minimum Credit Card Payments

Everyone knows that if you pay only the minimum payment every month on a static credit card balance, it could take years to pay off.

The guy in the following video says that if you use a compounding technique to pay the minimum payments, you can pay off a $5000 credit card balance in five years instead of twenty-five years.

His suggestion is to divide the minimum payment in half, and then halve one of the halves to get two quarters.  You would then pay each payment weekly for the first three weeks of the month.

He uses an minimum payment balance of $100.  Divide $100 by 2.  That's $50.  Now divide $50 in half--that's $25.   So you now have three amounts of $50, $25, $25.  He instructs to pay the $50 the first week of the month, $25 the second week, and $25 the third week. 

I'd think you'd have to be about a month ahead to do this because when I don't pay the full minimum when it's due they count it as late.   Also, I don't think I could do this because I'd likely find other ways to spend the money before time to pay for the next week. 

But this may be a good idea to try if you have the discipline and know that all you can afford to squeeze out is a minimum payment.