What a Financial Shock!

News programmes [and, doubtless, newspapers as well] are full of stories about the exhorbitant rates of interest charged by a certain type of loan company.

I am very thankful that, at this point in my life, I am not in a position where I need to borrow money – particularly from organisations such as those. However, when I was checking my credit card statement today I was even more pleased that I am solvent.

I use my credit card frequently, sometimes for very small amounts, to make life easier and less embarrassing. You see, I have an allergy to nickel which means that if I touch coins the skin on my fingers and thumb reacts. It begins with them becoming very hot, then, a day or so later, turning brilliant red and staying like that for about 10-14 days until the skin begins to peel, which lasts for another two or three weeks. As you can imagine, it is not pleasant.

To avoid those problems I use either a cotton glove or a credit card. The credit card is great, I might seem to be a nuisance paying a small amount on a card, but I don’t look like a freak and I don’t think anyone is offended by the sight of my credit card! BUT… if I use my glove, people look at me very differently. Some look with interest and may even politely ask why I use a glove – and I am always happy to explain. However, some people look as though they are thinking something along the lines of: “Look at her, being precious”. OK, that’s not too big a deal. But then, we have the people who take offence. They seem to assume that my wearing a glove is, in some way, a slight to them, which it most certainly isn’t. Often such people will then sneer at or treat me rather unpleasantly. I remember one such incident when I paid the toll at the Dartford Crossing in Kent – the chap collecting the money shouted abuse after me once I had pulled away and so could not respond.

So, I use my credit card – often. Which brings me back to my original point.

My credit card statement this month includes a large purchase, making a high total due for payment. That is not a problem, the amount had been planned and budgeted for and I always clear my total balance every month. However, today I just happened to notice that if the balance was not cleared, the minimum payment would be £52.00. So what? That’s not too bad… I agree. BUT, the estimated interest for this month would be £49.86! So, making the minimum payment would reduce the total debt [which is in excess of £2,500] by just £2.14.

I am horrified. I have always known that credit card interest charges were ridiculously high, but the figures I have quoted in the previous paragaph are frightening.

How much more frightening to owe money with almost no chance of paying it off.


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6 thoughts on “What a Financial Shock!

  1. Thank you for the link to the allergy information. i have not seen that site before. I had not heard about nickel in food – luckily my sensitivity is not too severe and can generally be held in check by avoiding contact with coins.

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