Credit Card Interest
It's simple to account for the interest charges that come your way if you're carrying a balance.
- In the Immediate Obligations category group, create a category to hold your interest.
- Go ahead and budget for interest. Don't know how much it will be? Aim for an amount at the high end of what you would normally expect.
- When your credit card company charges you interest, record the charge in your credit card account register.
- Just like any other purchase (you just bought extra time to pay off your debt) you budget for, the money will be moved to your Credit Card Payment category. That's it!