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Credit Card Interest = Money Wasted

CNN Money:  "The average American household with at least one credit card has nearly $15,950 in credit-card debt (in 2012), according to, and the average interest rate runs in the mid- to high teens at any given time."

At 15% interest, interest charge for $15,950 in credit is $196 a month.

(The calculation is (.15 (15% APR) / 365 ) or .00041 * 15,950 = $6.5333 a day in interest, or $196 a month.)

This is money that provides no utility.   And often the goods that were purchased with the credit card are depreciating in value as you accrue interest on the debt.  

Credit card interest is a complete waste of money.

A key goal to achieving financial freedom is to reduce or eliminate credit card debt and especially credit card interest expense.  It is for this reason, MyMoneyPicture tracks account balances.  MMP records which accounts you use to pay for expenses, as well as deposits and payments to accounts.  Informative graphs help you monitor how quickly you are reducing debt and increasing savings.

Before we created MyMoneyPicture, I considered other budgeting applications.  Many requested access to log into my financial accounts to automatically transfer spending information to the application.  

That was unacceptable to me.  Not only did I see it as a huge security risk, but by making the recording of expenses automatic, it reduced my personal involvement.  Personal involvement is instrumental in reducing thoughtless spending.  And thoughtless spending was the major issue keeping me from the financial freedom I desired, as it is for so many people.

With MyMoneyPicture, you decide how to name your accounts.  You can name them something generic, but meaningful to you, like "visa", "credit card" or "checking" or even "account one".  MMP does not access your accounts, or request or store account numbers or login information.  And you only enter information for the accounts you wish to track.

Reducing debt, especially credit card debt, is a priority for anyone who desires financial freedom, and MyMoneyPicture is committed to helping you achieve this goal.