[ What a b*tch!]
I hate that I have acquired some debt, but unfortunately, it was the best decision at the time. If I hadn’t applied for the evil credit, then that would mean I would have purged our savings. Then, with our luck, something would come up and we’d be screwed. Also, what a lousy time to have to make such decisions. I mean seriously, I was in a $hit-load of pain and couldn’t even think. I just wanted it to stop hurting.
So, I thought I’d turn a crappy situation into something good. Here we go:
- I applied and was approved for a $3,000 credit limit on 4/12/11
- On the same day ( 4/12/11) I charged a complete root canal & filling on the card = $2,297.00
- 48 month promotional period = 14.9% APR
- Minimum monthly payments = $64.00
- If I paid only the minimum payment of $64.00, in 4 years it would be paid off. I would have paid $3,095.00, which is $798.00 in interest.
- If I paid $80.00 a month, I would have paid $2,887.00, which is $590.00 in interest.
THE FIRST BILL
Previous Balance- $0.00
New Purchases- $2,297.00
Payments- $0.00
Credits, Fees, etc.- $0.00
Interest Charge- $19.78
New Balance- $2,316.78
Minimum Payment Due- $64.00
Days in Billing Period- 21
TOTAL INTEREST CHARGED: $19.78
TOTAL PAYMENTS: $0.00 (this is the first bill)
I had a care credit account for my invisiline… but they offered me 12 months interest free financing… I thought that was a given regardless… Guess I just got lucky…
Good luck paying it down. Keeping track of the interest should really help.
South Country Girl- The 12 month interest-free promotion was offered to me, but the payments would have been almost $200 a month. Since our income isn’t very much, I didn’t want to get myself into a mess (such as the 29.99% APR penalty on the rest of the bill). This way, I will be paying some interest but won’t be tied down. I’m gonna throw down about a grand for my next payment.
I thought it might be good to keep posting about it so that others (as well as myself) realize what we often over-look with these things.