Once upon a time, I obtained a credit card
from Hong Kong & Shanghai Bank when they first came to the U.S. That was almost 6 years ago. Our credit card balance quickly became $1,300, which happens to be $300 over limit, and the account was closed within the first year or so.
Paying the minimums, my balance 6 years later is $686 ! So if I were not doing the baby steps knocking out other bills and working my way to this one (it’s #4 on the list of 8) it would take me ANOTHER 6 years (roughly) to pay it completely off.
Wow. There’s a wake up call. 12 years in debt servitude for 1 year (at most) of pleasure. And it wasn’t even pleasure, it went to things like groceries, gas for the car, etc—basically living on credit chiefly because our spending was out of control.