Got another advertised credit offer- Ohmyfreakinghell.... [View All]

[Mother Of Four]

No wonder people are so over their heads...I started shredding the offers over two years ago when the default rate in the information section was 21+ for the "Send a card offer every week" people.

Now the default rate on this last one was 30.99?

Let me repeat that....THIRTY POINT NINE NINE!

Out of morbid curiosity, I punched into a calculator how long it would take to pay off a balance of 1000.00

Would you belive the first few calcs I tried wouldn't even go to 30.99? They capped at 30.

At 30%, "By only making minimum payments it will take 292 more payments or 24.3 years to pay off the remaining balance. Interest will amount to $3,726."

24 years.

Oh...and the 30.99 is variable as well.

Freaking vipers.