Get an extra incentive to pay off more of your credit card debt.
By flpoolbum
@flpoolbum (2978)
United States
June 16, 2018 4:24pm CST
When paying my credit card bills, I try to pay at least the minimum amount PLUS the interest charge, so that the whole amount of the minimum payment goes toward the balance. Obviously, paying more than that would be even better. I would make the payments and then not think about it anymore until the next month. I wrote a spreadsheet to record balance, payment amount, payment date and confirmation or reference numbers. I also included a column showing the interest rate charged for each card.
A little while ago, I added a column for each month to show exactly how much that I paid in interest charges each month. I was SHOCKED and, honestly, a little bit nauseous, when I saw exactly how much interest charges take out of my check!
Keeping track of the interest fees charged each month is definitely more motivation to get serious about paying off the credit card debt. Having the interest rates constantly on hand will be a helpful reminder of which card to pay off first. Paying off the credit card balances can give you more money in your pocket each month.
6 people like this
7 responses
@Starmaiden (9311)
• Canada
16 Jun 18
I never had a credit card so I am spared of the stress. 
1 person likes this
@flpoolbum (2978)
• United States
16 Jun 18
@Starmaiden ~I really enjoy my Capital One Quicksilver card. It gives me cash back on every purchase including utility bills. My gives me .0015 on every dollar spent. It may not seem like much but it adds up and it's nice to get some extra spending money on a regular basis. 
There are different rewards programs for different credit cards, some offer airline miles, some larger rewards for restaurants or gasoline, ect. Plus having and using credit wisely saves you money on many things including car insurance.
There are different rewards programs for different credit cards, some offer airline miles, some larger rewards for restaurants or gasoline, ect. Plus having and using credit wisely saves you money on many things including car insurance.2 people like this
@flpoolbum (2978)
• United States
16 Jun 18
@Starmaiden ~I am sorry to hear that. I wish you the best.
2 people like this
@LeaPea2417 (36438)
• Toccoa, Georgia
16 Jun 18
I am trying to pay more than the minimum on my credit cards.
1 person likes this
@flpoolbum (2978)
• United States
16 Jun 18
@LeaPea2417 ~It can be really hard, especially when unexpected (credit card annual fees, car repairs) or large expenses (medical charges, new prescriptions, car license plates) or increases in fees (car insurance) when you are living paycheck to paycheck. Somehow, I manage to work through it.
1 person likes this
@LeaPea2417 (36438)
• Toccoa, Georgia
17 Jun 18
@flpoolbum I agree with that. I also somehow manage to work through it.
@pitstop (13051)
• India
17 Jun 18
I pay the full amount so I have never had a credit card debt. Leaving anything unpaid attracts a huge interest rate - something you agree to when you apply and get the credit card.
The point and cashback earnings are paltry compared to the credit card interest rates.
Sadly you've fallen into the trap and it's very difficult to get out of.
I never spend more than the money I have in my account.
@Raine38 (12257)
• United States
17 Jun 18
Being in debt makes me feel so uncomfortable - I have seen first hand how it ruined a dear friend's life. I always make it a point to make my credit card bill in full each month. And as tempting as store credit cards are, I do not give in as I do not need any more. I already have two credit cards and that is plenty enough for me.
