Monday, October 10, 2011

Why I'm stuck in a never-ending cycle of credit card debt...

We may be into the 32nd month of historically low 0.5 per cent interest rates - with some betting it won't rise until 2013 - but it's doing nothing to help solve my £15,000 credit card debt problem.

Like thousands of other Londoners, I simply can't afford to pay them off.

I may be 40, with a steady career as a journalist, but I struggle even to make the minimum payments.

My love affair with plastic started more than 20 years ago, a shameful tale of consumerism that saw me descend deeper into the red but which began rather tamely when I was 18.

I was off travelling around the States and handed my holiday savings over to my father, giving him permission to open my credit card bills and pay off what I owed. They were sensible days when I abided by the concept of living within my means. Full story...

Don't miss:
  1. War and shopping - the extremism that never speaks its name...
  2. Culture of credit seducing Swiss youth and pushing them into debt...
  3. They got bailed out, we got sold out...
  4. Daylight robbery, meet nighttime robbery...
  5. The sun never sets on the British welfare system...
  6. Americans dumping credit cards, returning to good,old cash...

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