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March Daily Interest Expense

March 20th, 2012 at 04:21 pm

This month, I will spend each day:

$1.55 in interest on credit card debt.

$2.21 in interest on credit card debt plus auto loan debt.

$19.95 in interest on credit card debt plus auto loan debt plus mortgage debt.

That total is now less than $20 per day! Of course $19.95 is still a wretched abomination. But, as I always say, I'm moving in the right direction.

Posted in Credit Card Debt | 4 Comments »

4 Responses to “March Daily Interest Expense”

  1. creditcardfree Says:
    March 20th, 2012 at 04:56 pm 1332262586
    1332262586

    Excellent!! You are moving in the right direction. Smile

  2. ceejay74 Says:
    March 20th, 2012 at 06:27 pm 1332268052
    1332268052

    OK, you got me curious, because I've never checked how much interest I pay daily! At first I just subtracted principal amounts from payments and got about $35 per day, but then I realized some of the mortgage payment is escrow & PMI. When I factor those out, I pay $24.87 per day in interest (in a 30-day month; $24.06 if there are 31 days).

    Great job!

  3. Bob B. Says:
    March 20th, 2012 at 07:13 pm 1332270791
    1332270791

    ceejay -

    This is clearly not earth shattering information, or even all that critical - But I divide my monthly debt by 30.4, the average number of days in a month. Makes for a cleaner month-to-month comparison.

  4. Joan.of.the.Arch Says:
    March 21st, 2012 at 04:12 am 1332303173
    1332303173

    Neat, Bob! A little calculation I never thought of.

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