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Interest Paid on Credit Cards

January 18th, 2012 at 06:14 am

I have decided I would keep a running tally of how much interest I am paying on all my credit cards every month on my sidebar. I think looking at how much money I am wasting will help me stay focused and get those pesky credit cards paid off.

January Interest: $176.39

3 Responses to “Interest Paid on Credit Cards”

  1. creditcardfree Says:

    That is an excellent plan.

  2. Miss T @ Prairie Eco-Thrifter Says:

    Great idea. Until we are aware of something we can't work to change it. I personally would find these amounts motivating. Hope it works for you.

  3. patientsaver Says:

    A mental game I often play is to take a sum of money like your $176 and consider how many things that would pay for among my regularly recurring expenses.

    So for instance, the $176 you pay monthly in credit card interest would pay for my:
    Monthly electric bill: $65
    A haircut: $18
    My phone and Internet: $45
    3 months worth of water: $45
    With $3 to spare!

    Wouldn't you rather spend that money on your bills like the above, rather than on interest, which gives you nothing in return?

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