I received my April 2008 CITI statement, the finance charge for this month was $88.94. The good news is that the interest rate continues to drop, this month the rate is down to 11.240%. A year ago the interest rate on this card was 14.240%. Here are the details:
As you can see, we made payments for $2,00o dollars but only $1,911.06 was applied towards the balance. Our goal for April is to reduce the balance down to $8,177.78. I will continue making the minimum payments on all the other cards.
If you're thinking about using credit cards, look at my numbers above. Here is proof that credit is not worth using unless you can pay off the entire balance each month. Learn from me and don't pay interest.
HS
Friday, April 4, 2008
April 2008 CITI Balance
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3 comments:
I always HATE looking at how much interest I pay every month. I have a BofA card that we were paying almost $150/month in interest (14K balance)....the balance is decreasing and so is that interest payment. It's really a nice feeling!!!!! It just feels like such a waste. Imagine what $100 could buy every month! A week of food, a month of electricity or water, the cable bill and movie rentals, or even gas! Such a waste! Oh well....we learn from our mistakes and just resolve not to do it again!
I know it's frustrating, but you're making outstanding progress. Just hang there and get it paid off!
ugh...
Call them everyday and ask them politely to lower your rate or you're going to transfer it to a zero apr card from Chase! If they don't lower it...transfer it to a zero apr card from Chase! Or somebody!
Ohh, and tell them how much you love their product and customer service, but it doesn't make financial sense for you to continue your relationship with them at such a high interest rate.
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