$15,000 Down the Crapper

September 5, 2007 by

How does someone lose $15,000?

I just came to a sobering realization that I have lost at least $15,000 over the past eight years. How?

Credit card interest.

I estimate I’ve paid over $15,000 on credit card interest since I first started taking on debt in college. The figure could be higher…as I haven’t been able to bring myself to do the actual addition, but I know $15k is the minimum.

$15,000.

Just a couple years ago $15,000 was half my annual salary.

$15,000 is how much my car cost.

$15,000 could be a down payment on a condo.

$15,000 could take me back to grad school.

So the next time you want to swipe that credit card when you don’t have the cash to pay up, think about my $15,000.

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About David E. Weliver

David Weliver founded MoneyUnder30.com at the age of 25 as he struggled to conquer post-college debt on entry level paychecks. Today, he works full-time publishing Money Under 30 to help other young professionals jump start their financial lives. You can find David on Google+ or LinkedIn.

Comments

  1. Clever Dude says:
    September 5, 2007 at 2:08 pm

    Holy crap! (no pun intended). I don’t think I’ve paid that much interest on all my foolish car purchases over the last 6+ years, but I’m coming close.

    I do pay about $23,000 in mortgage interest each year though :(

  2. nick says:
    March 23, 2008 at 2:23 am

    That’s ok, lots of people have to run up thier credit cards to pay for college, I would not feel to bad about that. It not like your ran your cards up paying for strippers and circus midgets…

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