Sunday, March 8, 2009
Tool to track credit card debt by applying sticker on card
I came up with Credit Card Tracker based upon something my dad was doing: he was taping piece of paper with the interest rate written on them on the back of his credit cards. Credit Card Tracker turns this into an easy to apply sticker.
I have also been experimenting with a paper sleeve in which you store your credit card, and write the APR, month, etc. on the outside of the sleeve. With the sleeve, you can separate the card and the information, thereby you can avoid letting waiters see your notes (if that makes you uncomfortable; it's not for me). You can also keep track of past balances and APRs by looking at past sleeves.
There apparently is a need to cut our debt with some sort of tool like these. The New York Times said in an article:
The typical American carries a $9,000 credit card balance from month to month. Say this card charges an annual 18 percent interest rate and allows paying as little as 2 percent of the balance each month. Even if no more charges are made on the card and the minimum payments is made on time every month, it would take 47 years to pay it off, according to the National Foundation of Credit Counselors. By then, total payments would be $32,994, including $23,994 in interest.
The full article can be found by clicking here