Amount Paid to Date

On August 31st, 2005 I transferred my two credit cards into one super awesome BofA credit card that earned me miles for Hawai’i! In addition it gave me about 4 free interisland tickets and one 1/2 price passenger ticket (and complimentary beverages AND headsets).

Since that date, I have made a total of 43 payments on my BofA card – to a tune of $9,315!!!

That’s right, I’ve PAID $9,315 on my credit card and STILL have a balance of $16,000.

I mean, it isn’t like my balance was at one point $25,000. In fact, since 2005 I’ve paid off my entire credit card balance twice. Though both times were at much lower balances than they are now.

When I read the total I’ve paid to my credit card it just… hurt… to have put SO MUCH of money into something and still feel SO FAR AWAY from where I need to be.

Seeing that amount, nearly $10,000, I just thought about what else I could have used that money for. That money could be growing in a mutual fund. It could have paid for a fantastic trip. It could have built a pretty nice emergency fund.

What this means is that, in 4 years after I eliminate this debt, I’ll be able to SAVE this much money (if not more!). And that is such an exciting thought. Rather than putting $300, $400, $500 on my credit card each month I’ll be able to stash it away for MYSELF and not Bank of America.

I’m thrilled as pie, but sad that I’ve had to put that much into my card and still have such a high balance to go…


3 Responses to Amount Paid to Date

  1. myprettypennies says:

    Just imagine your life still in oblivious debt. What would your balance be like in five years if you still lived like you used to? That'll put things in perspective. Congrats on paying off $10,000! That's AWESOME!

  2. SS4BC says:

    To be perfectly honest, that isn't really something to be congratulated on from my perspective. That is $10,000 of minimum balances and half-hearted attempts to eliminate my debt in years past. It isn't as if I've paid back that much on a balance, that is how much I've paid in interest without really seeing any benefit from it.

  3. Punch Debt In The Face says:

    well like you mentioned, at least you are learning what it's like with a couple hundred less in your pocket each month. When the time comes that you have paid off all your debt, you can buy a plane ticket each month with your savings 🙂

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