"It would impact my ability to function as an allegedly middle-class person in this ever-changing world," said Ball, 52.
Well yes, being in credit card debt up to one's eyeballs and the minimum monthly payments doing little if anything to pay off the debt is rather normal around these parts. While it's a good idea for credit card
Right now, many credit card issuers require consumers to pay at least 2 percent of their outstanding balances, but that soon will change as regulators try to ensure that debtors pay off cards more quickly.
Here's how the change will affect cardholders who owe $10,000 at a 13 percent interest rate.
IF YOU PAY . . . Time to pay off debt Interest paid
2 percent 33 years, 2 months $11,451
4 percent 12 years, 10 months $3,664
$400 a month 2 years, 6 months $1,726
HOW THEY PAY
33% Don't use credit cards
39% Pay off their balance in full each month
28% Make extended payments
Of those who make extended payments, 40 percent pay the minimum each month.
40% Pay only the minimum
37% Pay less than half but more than minimum
17% Pay more than half the balance