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$15,000 Down the Crapper

How does someone loose $15,000?


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 Weliver

David Weliver is the founding editor of Money Under 30. He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. He lives in Maine with his wife and two children.

Comments

  1. 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. 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…