No. of Recommendations: 0
For a $45 charge leading to $1000.

It's called compound interest, and it's how people who just pay the minimums on their cards manage to run up big bills. They might not put thousands of dollars in purchases on their card, but the interest keeps pushing it up and up. And until lately a lot of card companies kept the minimums low enough so that some people, if they only paid the minimum, would never be out of debt.

That's changed. Now the minimum payments have been pushed up, and people can eventually get out of debt.

The nice part is that compound interest can work towards someone's benefit, too, once the money is invested or put in a high-interest savings account.

Is what happened to onesizefitsnone fair? No. But life isn't fair. Please understand me when I say that people have shown up on the board with horror stories that make hers pale in comparison, including husbands and wives who ran up huge bills without the spouse's knowledge. That wasn't fair, either. And they still had to pay.

Please let us know what happens with the collection agency. You have the law on your side, and you can use it to help yourself.

Nancy
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