Credit Card Debt
I just read on an internet forum that a die-hard Madonna fan is $20K in credit card debt from travelling around the country catching all 32 US shows. I don't pass judgement on what the debt comes from, I think we all have our weaknesses and vices (handbags being mine), but $20K in credit card debt, period, is a lot to swallow!
I wonder if years from now, he would regret that one summer of following Madonna around when he's still paying for it. For this post, forget that it's related to Madonna, credit card debt in this current economy is freaking scary! Interest rates have been rising and although I don't carry a balance on my cards, I saw that the APR is currently at 17.99% (Yikes!)
Considering that "high-yield savings accounts" such as the one's offered by Citibank, HSBC, ING, etc. are around a 5% APR, carrying cc debt at 17,20, or sometimes 30% APR is a black hole that people get sucked into and can't get out. My best wishes to this super Madonna fan, hopefully he'll be able to dig out of the CC hole sooner than later.
I wonder if years from now, he would regret that one summer of following Madonna around when he's still paying for it. For this post, forget that it's related to Madonna, credit card debt in this current economy is freaking scary! Interest rates have been rising and although I don't carry a balance on my cards, I saw that the APR is currently at 17.99% (Yikes!)
Considering that "high-yield savings accounts" such as the one's offered by Citibank, HSBC, ING, etc. are around a 5% APR, carrying cc debt at 17,20, or sometimes 30% APR is a black hole that people get sucked into and can't get out. My best wishes to this super Madonna fan, hopefully he'll be able to dig out of the CC hole sooner than later.
posted by techfashionista @ 11:42 PM
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