I posted awhile back about how much interest I've paid in the last 12 months (you can see it in the Income and Spending in MS Money thread) so I thought it would be interesting to seperate the mortgage interest from the cc interest. Here's what I have for the last 12 months:
Mortgage interest paid:
$23368.29
CC interest paid:
$9939.69
Now add the fees:
CC annual fees paid:
$413
CC misc fees paid:
$338.16
Bank Charges: late fees
$206.00
Bank Charges: monthly fees
$117.45
So I spent $11014.30 in credit card interest and fees in one year. Put that up against saving or investing $11k and did I get my money's worth? I might have if the balances wouldn't keep accruing interest but by the time it's all said and done I will have a lot more in interest (most of the fees will go: The monthly fee cards are cancelled already and the late fees were all one month when my wife forgot to mail in some bills I had written checks for...we now pay them all online.)
Now if that doesn't open anyone's eyes to why you shouldn't carry a balance on a credit card I don't know what would! Of course it took me this long to wake up and get it. 
Interest is a pain!
June 17th, 2008 at 12:33 pm
June 17th, 2008 at 12:50 pm 1213707036
June 17th, 2008 at 02:13 pm 1213712013
June 17th, 2008 at 04:06 pm 1213718777
June 17th, 2008 at 04:20 pm 1213719655
I like looking at the interest that I am receiving. Last year, I earned over $20,000 in interest at the banks.
June 17th, 2008 at 05:37 pm 1213724242
It's making me crave getting those balances down. I guess that's an ok craving to have!
June 17th, 2008 at 06:24 pm 1213727065
Indulge that craving! It feels so good to have no debt.
June 21st, 2008 at 09:31 pm 1214083871
"Those who understand interest, get it; those who don't, pay it."
Keep on truckin' and don't listen to anyone who will tell you that debt is strategic - it is, but only if you don't pay interest or fees. As soon as you pay interest, they've hooked you!