In today's economy credit card customers often find themselves in hardship situations. A Baltimore woman faced this typical dilemma recently.
She was doing everything she was supposed to be doing---buying here and there only what was needed, paying towards the account, as well as paying extra each month whenever she could.
One day, she found herself in dire straights. And that's the point. It can happen to anyone.
Her interest rates ranged from 3.99-5.99 percent, hardly exorbitant, and she paid a $300 monthly minimum. None of this seems out of the ordinary, but the young woman found herself in a very extraordinary situation. She had a rock-bottom interest rate, a quite do-able minimum payment---and she found herself at the end of one month with two choices: cashing in her IRA which was worth about half of what it was worth just a few years prior, or looking for a loan shark. Neither scenario seemed appealing.
To read the entire article, go to Associated Content.
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