I came across this graphic called “Credit Card Hell”. To see the graphic larger, go to the original site http://www.mint.com/blog/wp-content/uploads/2009/06/creditcardhell21.jpg and click on the graphic to make it readable.
Thank the universe, we do not have a mortgage, car loans, or credit card debt. We only charge on cards that have to be paid in full each month, so we have to keep track of our spending. The rare times we do have to shell out big bucks, like for Ron’s quarterly estimated taxes for IRS, I put it on a special AMEX card for the frequent flier miles, but then pay it off is two large installments automatically through online banking.
I just happened to look at the new rules of my United Airline Visa card, I do not use any longer, but keep for emergencies. After a missed payment, the annual accrual interest rate is 85%. Is that to keep the airline flying? No, it is to keep unsuspecting people in the grips of credit card debt.
For others, there is hell to pay and a hell of a time paying off credit cards.