What High Interest Rates Can Do To You

Nowadays, one mistake with a late payment on a single bill can make ALL your creditors raise your interest rates. I have one credit card that I haven't used for a long time but the balance has increased from $8,000 to almost $13,000 because they jacked my interest rates up to 30% when I started missing payments. How can someone in my situation possibly keep up with that?

The interest charges caused me to go over my credit limit so the credit card company hit me with over the limit fees every month. It got to the point that I just couldn't even make a dent in it all, so I stopped paying on that account so I have some chance of staying current on my other accounts. On top of all that, they add big late payment fees every month. That account is in collection now.

If you carry credit card balances from month to month, please read The High Cost of Using Credit. It's an eye opener. ~ Mary