Couple Learn the High Price of Easy Credit

Couple Learn the High Price of Easy Credit

National
Couple Learn the High Price of Easy Credit
By JOHN LELAND
Published: May 19, 2007
Two average earners in Michigan have found that their economic life depends on how well they shuffle their debt.

Excerpt:

This spring they allowed a reporter to see how they struggled with these choices. Ms. Moellering’s basket recently included more unwelcome news: $2,693 due on a Visa card through her credit union, including finance charges of $25, and $13,680 on a CashBuilder Elite Visa, including a monthly finance charge of $200.

Their credit card debt came to $22,228, including $380 in monthly finance charges. Interest varied from 12.1 percent to 32.24 percent. The Moellerings also have a mortgage of $93,000 and a home equity loan balance of $68,574, at 8 percent interest.

Comments: Very tragic position (of their own making). Look at these interest rates!!