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Credit Card Statements

June 19th, 2013 at 03:18 pm

I don't particularly look at my credit card statements, because I download everything. So basically, I find statements to be rather useless in this day and age, and for my own purposes.

So these newer disclosures kind of trip me up when I see them:

O.M.G. The balance on this card was about $1,425. (Minimum payment of $25?)

Well, at least my month of Target groceries could be paid off in 5 months. Doesn't sound so bad in comparison.

I tried to look at my CU Visa credit card and I could not access them. I wonder if I have *ever* looked at them???

For reference, I have always carried credit cards for rewards and convenience. I have never in my life charged a penny that I didn't already have the cash to cover. So, these balances are all paid off each and every month. The idea of taking 12 years to pay off one month of expenses makes my skin crawl.

6 Responses to “Credit Card Statements”

  1. creditcardfree Says:

    I agree! I remember when these disclosures first came out, my friend was actually thrilled to see the math and see when she would be done paying on the card. She didn't care a whip about the interest she was paying. I think she was still using the card...thus the date wasn't going to stay the same! My hope is that some people actually see that disclosure and it motivates them to stop using the card and pay MORE than the minimum.

  2. Chy Says:

    We recently had a statement that said at the bottom it would take 47 years and 8 months to pay off the balance if we only made the minimum payments! We also only charge what we have, so we have never, in 32 years ever paid a dime of interest. That particular month was very high because we had a film shoot and all the rentals, catering, wardrobes, etc. we charged. The day the invoice came in with payment, we took it to the bank and paid it off before we even got the statement in hand. It didn't lay out the interest just the time factor. Scary!

  3. MonkeyMama Says:

    @Chy - O.M.G. !!!

  4. Xtreme Thunder Says:

    I just got my card statement recently as well and only had a $25 balance and the minimum due was $10 and total payoff time was 3 months paying just the minimum!

  5. Elle Says:

    I've never looked at these before (also pay off cards each month) but next month I'm going to!

  6. FrugalTexan75 Says:

    I look at my online statements from time to time just to see what the current interest rate is, and have seen those disclosures. It's pretty scary to think how long it could take to pay small amounts off with just minimum payments.

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