If you're trying to pay down your credit cards, paying on time is an absolute necessity. But did you know that your credit card company may require that your payment arrive by a certain time of day, in order to be considered "on time". Carmen Wong Ulrich explains the things that you need to know about when to pay your credit card bill.

If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Saturdays at 8PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.