Every month it's the same thing.
I receive my monthly credit card statement in the mail and put it aside for later.
Eventually, I finally get to it again and get the check in the mail.
Month in, month out, this scenario played itself over and over again in my routine.
For whatever reason, I became curious one day about my credit card statement and spent a few extra moments glancing over all the numbers.
I'm embarrassed to admit that I had never done this before.
But come on, who actually takes the time to read and understand their statements each month? Well, I wish I had, because what I discovered shocked me! The finance charges were eating up my monthly payment.
Now, I've always thought of credit card companies as a pretty considerate bunch.
After all, they kindly remind you to pay your bills each month and even send you a statement in the mail.
Those of you that do your banking online probably get an e-mail from your card issuer as a reminder.
Not only that, but they include a self addressed envelope for your convenience.
Granted, they don't actually include the stamp with the envelope, but that would be asking for a bit too much.
Still, they are pretty helpful, wouldn't you say? I really appreciate the fact that they make it easy for me to make my payments by listing the minimum monthly payments on the statement itself.
Usually, it's nice and bold so you can't miss it.
Well, my friendly relationship with my creditors ended the day I examined my statement more closely.
When I looked past the minimum payment number that was staring me in the face, I noticed a big fat number known as the finance charge.
Get this, it was almost the same amount as my monthly payment.
In case there are any children reading this article (and in keeping with the rules of article directories), I won't reveal exactly what I screamed at the top of my lungs that moment.
Needless to say, it wasn't a love poem.
It was at that moment that I realized what is perhaps the most important concept in beating credit card debt.
Always pay more than just the minimum payment!