I was shocked to look at an old CC bill!

[Frugal Nurse]

I was clearing through some old files and I came across some old CC bills.

I was shocked!!
I had taken a $1500 cash advance against my cc.

I remember it was my first time ever doing that- I also remember thinking.. "This is really bad- but I'll have the money in about a week.. I'll just pay it off in a week"
yep- rationalization at it's best.

Was it denial? or... did I seriously forget that I had about $1500 in charges from the holiday season already on the card.

I looked at the statement- $1500 advance + $5 fee + $4.01 interest. All in 5 days time. Plus my new charges. (no previous balance carried forth)

Well.. the money didn't come through like I thought.
I had only $1000 to pay on the $3073 balance.

My accounts were depleted and I had no money at all.. so everything was being charged! Groceries, textbooks, tuition. everything. Add $1800 onto the balance.

The second bill comes in - shows the additional $1800 charges less the $1000 payment.
Only $55 went toward the cash advance.
FINANCE CHARGE! $56.22

Third bill: add on another $2000 in purchases. DD1 laptop for school, DS eyeglasses. Less a $1000 payment. I'm scraping by here.
Only $28 went toward the cash advance.
FINANCE CHARGE: $63!

Fourth Bill: add another $1200 in purchases less $150 payment. Things are bleak.
Only $35 went toward the cash adv.
FINANCE CHARGE: $72

Fifth bill: We're on to you now! $3300 payment and no charges
Noticed... cash adv balance is $1490.55. That means I've only paid $.45 toward the $1500 cash advance because of the darn finance charges!.
FINANCE CHARGES $63

Sixth bill: No charges and payment of $2900 to pay off the balance.
Finance charge: $52

Seventh bill: Finance charges $48





Grrrr!!! $360 in finance fees!!

That's how quickly one can get behind.


I've decided that if EVER I needed a cash advance, I'd take it from a card I don't use. This way... 100% of my payment goes toward the advance, instead of a percentage.

Total rip.

[FrugalMomof3]

I hear ya, I took a cash advance once, it wasnt for much but the interest fees are outrageous, it made me want to pay more of it off faster than ever.

[blitzen]

Oh man! I so know how you feel. I've kept our credit card statements from when things were at their worst, and just looking at the long list of things I had charged in a month was enough to make me ill. I'm so glad the credit card debt is behind us now. I can't even stop to think about how much interest we paid over the last 15 years or so. It will make me cry!

[Palooka]

I've never taken a cash advance but have been tempted.lol

I think it can be a good feeling though to look back at old debt and realize how far you have come and what you have learned.

It's all good. It's all good.

[xtena]

My husband is from China and got confused one day at the bank. He handed over his credit card instead of his debit card and ACCIDENTALLY took a $3000 cash advance instead of withdrawing cash from the bank account. Of course we didn't realize what had happened till we got the bill. I paid it and its ridiculous fee off immediately, but next month got a $30 ADDITIONAL FEE because of finance charges incurred between the day the bill was printed and the day I transferred the payment. I was plenty ticked off. Now neither of us are 'allowed' to keep credit cards in our wallet/purse, they are ONLY to be used for online purchases and paid off by EFT the DAY the e-bill is received.