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Year to Year Interest Comparison

August 30th, 2011 at 01:51 pm

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.

1 Responses to “Year to Year Interest Comparison”

  1. creditcardfree Says:
    1314709245

    It does suck...but you are making great improvements.

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