Don’t let this happen to you.
I was a few days late on a payment or two on my Citibank MasterCard and am now paying 32.24% interest, up from about 11%. Out of a monthly payment of $280, roughly $200 is interest.
My poppa said, “Son, don’t let the man get you
Do what he done to me.”
‘Cause he’ll get you,
‘Cause he’ll get you now, now.
I know, it’s my own damn fault, but really, which is worse, botching up a credit card payment or botching up a war?
My best friend Jim, who, unlike me, is single and smart with money, listens to my miserable stories, smiles a half-way Zen smile and says, “Well, you’re not alone.” (What does that mean?)
College kids. It starts before they can legally drink beer (can’t handle it; too immature). Here is an exerpt from a good article by Nicole Williams
When I was in sixth grade, I received my first warning about the dangers of credit cards from my home economics teacher. “I budgeted so well until my senior year of college,” she claimed. “Then I got a credit card and I am still paying off that bill.” I failed to heed this warning six years later when I arrived on my university campus. Suddenly, credit cards were everywhere and everyone had them. Walking to class, I would be stopped on the sidewalk and given flyers. Heading to lunch in the student union, I would pass tables manned by cheerful, attractive young people calling out to me to “apply now- it’s easy.” At the annual “college fair,” booths from every company imaginable collected stacks of credit applications from eager students.
I cut up two credit cards this morning, which gave some small satisfaction. The debt’s still intact, attached like a ball and chain.
Wishin’ I were a fast freight train,
Just a chooglin’ on down to New Orleans.
Cross-posted from Sustainable Middle Class Blog