I found this website in my Google Alert from a Post in: Debts in Momay's Blog which lets us know that Credit Card Debt is creating financial issues all over..

Everyone knows how quickly monthly credit payments can add up. Between credit cards, auto loans and medical bills, it can be very overwhelming. Add high interest rates to the equation and it can be virtually impossible to get out from under the burden of all that debt. It truly is a vicious cycle – a cycle that enriches the profits of many creditors. Take, for instance, a credit card with a £5000 balance that carries a 22% interest rate and has a minimum payment of £130. At this rate, it will take seven years to pay off the credit card at a cost of about £10,000. That’s twice the principal balance on the credit card! Add one or two more credit cards, an auto loan and a hospital bill and it’s no wonder that consumers are becoming prisoners to their creditors.

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