Amount Paid to Date
June 9, 2009 3 Comments
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…