Jim from mydebtblog.com left a comment on my previous post about looking back at past statements, seeing the charges and amounts and not thinking about the bills. So I was curious to see what the CITI balance was back in 2006. I logged in to the site and ordered a PDF copy of the November 2006 statement:
The balance that month was $14,200.36. We charged $2,354.62 and made a payment for $1,200. No wonder we are still in debt. I can’t believe we charged that much money in a single month. The minimum payment due that month was $297.05. Look like I was so good at creating debt, they had a special promotion just for me that month; they lowered my minimum payment to $10:
"Because of the careful way that you manage your account the minimum payment due on this statement has been reduced to$10.00. If you prefer to pay your minimum regular amount due, it is $297.05. Please remember finance charges will accrue as usual. Thank you."
As I look at some of the charges I realize I have nothing to show for $2354 dollars. Most of it was gas and groceries, bar tabs, one night hotel stay at the beach, pet expenses, Target and Wal Mart. Again, I can’t seem to find anything around the house that would cost $2354.
The goal is to continue to pay this off and CLOSE this account. I don’t ever want to be associated with this card again. Hopefully this blog will always remind how stupid and immature I once was. This is sad.
I confess, I’ve done stupid…
HS
7 comments:
Really...all we can do is learn from our mistakes and stupidity! But hey...how is this for motivation? Look at that statement and see how much interest you were paying and compare it to now! Bet it is much much lower!!!! That always makes me feel a little better :-)
Good luck with Citi, you will pay it back in no time.
Late last year, I deleted your blog from my favorites because I went insane every time I'd read it. I thought you were such a little spoiled brat. I could just visualize you stamping your foot and saying "I deserve that cool sports car, TV, (you name it)".
I'm glad to see you're slowly but surely growing up. Good for you!!!!
I actually have a card with a 5 figure credit line, but have never had 5 figures worth of debt on one credit card. My debt is spread among several cards at various rates, so multiple payments are probably costing me more than one single card.
Out of curiosity why are you tackling the largest balance first? Seems like it would make more sense to take out Best Buy and the other Citi card, then snowball those payments into taking out this one. Either case though you can't go wrong paying off debt.
It's it silly what we put on credit cards???
However, I am amazed at how quickly the debt is paid off once you stop charging. I pay over $1500 a month in debt payments...imagine what I could do with that money!
Keep up the good work!
Peace
Oh now that would be an interesting blog topic.
What crazy things have you paid for with your credit card?
My Citibank card had $17k on it in 2005. I was never in a real hurry to pay it because I had such a low APR on it .... for life! Therefore it's last on my payback strategy. The 9.9% APR from Bank of America's fate will come before my Citibank.
Looking over past statements is scary. Last time I did it, I ended up in the fetal position. I guess the main thing is to be thankful for how far you have come. Each month you are closer to the finish line.
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