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[mrlimo]

it said that the average person pays close to $1200 a year in finance charges on credit cards. does that sound about right? What is your oppinion? MHO is it sounds low!

[Anonymous]

That's crazy! I try to pay in full so I really don't pay to much of anything. If I can't pay the full balance by the due date then it won't go on a credit card. I don't like giving these CCC a dime.

[Anonymous]

I think that sounds about right......that means the average American is probably 8-10k in credit card debt if they have a 12-15 percent average interest rate on their cards.

[Anonymous]

Maybe the whole PIF acronym is getting lost in translation. If so, please see the sticky on myFICO lingo and abbreviations.

For all of those laypeople, that means PAY IN FULL!

[Anonymous]

Right now I'm paying more in interest than I want to. This year, if it wasn't for bad luck, I'd have no financial luck at all. But yes, those interest charges can get you.

[haulingthescoreup]

Wow, I guess if the average consumer is paying $100/ month, I won't worry about not letting the CCC's have some interest. They'll have to make do with my transaction fees!

[Anonymous]

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@mrlimo wrote:

it said that the average person pays close to $1200 a year in finance charges on credit cards. does that sound about right? What is your oppinion? MHO is it sounds low!

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That probably does sound right. In all honesty, I don't want to go back through my financial records to see how much interest I was being charged when I was carrying balances on cards that charged 20 and 30 percent interest.

Now, however, I am not a part of that club! I have 4 cards that carry balances 1 is at 2.99% interest for the life of the BT, and I'm finally in a position where I'm paying that one off. I have a BB card with a purchase that's 0% interest for 6 months, and it will be paid off prior to the interest being back charged on it. The other 2 cards are 0% interest through Jan and Feb of 09. And I will have them paid off before the intro period ends.

I still have just over 14K in CC debt, but I'm only paying about $15 in interest a month, and come September, no more interest.

I'm still using my other CC's, but only when I know I can PIF by the due date.

I'm NEVER going down this road again!