Sunday, March 06, 2005
Credit card penalties, fees bury debtors - an interesting article citing several examples of people that have been unable to keep their credit card balances from rising (even though they are not using them for new purchases) because of fees and penalty interest rates. Clearly no one ever taught them how to manange money. I sympathize with their difficulty (or is it empathize? I never remember which one...I've never had credit problems) but the bottom line is that if you a) only make the minimum payments and b) regularly make payments late (or send bad checks, as one woman is cited as doing!!) then you will never get out of debt. And if you don't spend beyond your means, you're unlikely to get into debt in the first place.