I was clicking around on the website for one of my credit cards - the big one with the $8,500+ balance. I found a page that listed the amount of interest I paid last year - $1283.46.
The page also listed the amount of interest I've paid year-to-date - $714.40. That prompted me to project the amount I'll pay for the remainder of the year. I project another $251 in interest - if I only pay the minimum due. Totalled together that's $965.40.
Or $318.06 less than last year on that card.
Or 75.2% of what I paid last year on that card.
Two things have happened with this card: 1) of course, I've been paying down the balance, and 2) the interest rate dropped from 12.9% to 8.9% in June.
Of course - reality is that I'll still have paid a thousand bucks in interest on this card by the end of the year. That sucks, but things are moving in the right direction.
Year to Year Interest Comparison
August 30th, 2011 at 12:51 pm
August 30th, 2011 at 01:00 pm 1314709245