I can remember a time i sat here looking at all my credit card accounts online...
and thinking wow i really have a lot of credit to use. i made sure each bill was paid on time. i loved doing it. i looked at the APR, never really adding up how much just that added to each month across all of the accounts. just wondered when i would get another offer.
i never thought about the fact that i was using them as an income extension. i just always knew i could pay the amount owed that came each month. i didnt calculate how long it would take to pay it off.
in fact, i still dont know ho wlong it would have taken, or how much interest was being charged each month. i can guess. for the first time in this whole mes i am thinking about it.
it seems like it would have been $12,000 a year using an avg APR and simple interest. APR isnt calculated at simple interest let me assure you. $12,000. holy smokes. that would almost buy me a whole new car. wow, no wonder the amount climbed so fast over the years.
i bet i paid them off long before, except for the interest.
it never dawned on me that i shouldnt be using 10's of thousands of dollars in credit cards. i never questioned what on earth i needed limits like that. they gave it to me and it made sense at the time. not logical sense. but 'common' sense so to speak lol. everyone was doing it.
now i sit here looking at my credit limits less then $500 total and i think "gosh i dont want to charge anything on that so i cant get into trouble again".
its $500. lol. i could never get into trouble with that credit limit. but why do i question it now. a little to late. i should have had that thought a very long time ago. i hope you are having these thoughts too.
my current thinking is that if i cant pay it off in 3 months max then i cant afford it. $500 / 3 months = $168 a month. gosh that seems like a lot of money. i hope the APR doesnt eat me up in that time. i better just not use it since i have some cash instead.
and thinking wow i really have a lot of credit to use. i made sure each bill was paid on time. i loved doing it. i looked at the APR, never really adding up how much just that added to each month across all of the accounts. just wondered when i would get another offer.
i never thought about the fact that i was using them as an income extension. i just always knew i could pay the amount owed that came each month. i didnt calculate how long it would take to pay it off.
in fact, i still dont know ho wlong it would have taken, or how much interest was being charged each month. i can guess. for the first time in this whole mes i am thinking about it.
it seems like it would have been $12,000 a year using an avg APR and simple interest. APR isnt calculated at simple interest let me assure you. $12,000. holy smokes. that would almost buy me a whole new car. wow, no wonder the amount climbed so fast over the years.
i bet i paid them off long before, except for the interest.
it never dawned on me that i shouldnt be using 10's of thousands of dollars in credit cards. i never questioned what on earth i needed limits like that. they gave it to me and it made sense at the time. not logical sense. but 'common' sense so to speak lol. everyone was doing it.
now i sit here looking at my credit limits less then $500 total and i think "gosh i dont want to charge anything on that so i cant get into trouble again".
its $500. lol. i could never get into trouble with that credit limit. but why do i question it now. a little to late. i should have had that thought a very long time ago. i hope you are having these thoughts too.
my current thinking is that if i cant pay it off in 3 months max then i cant afford it. $500 / 3 months = $168 a month. gosh that seems like a lot of money. i hope the APR doesnt eat me up in that time. i better just not use it since i have some cash instead.
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