The Credit Trap
this Article By Richard M. Barron and Michelle Jarboe
Staff Writers
When Bruce Minor moved nearly $5,000 in debt to a low-interest credit card in 2004, he expected to pay off the balance transfer in a few years.

One $95 monthly payment at a time, Minor chipped away at what he owed. Until late 2005.

That's when he slipped up.

He missed one payment by a day when Chase, the card issuer, changed his due date. Then his check bounced.

He replaced the money six days later. But it was too late.

His rate of 5 percent skyrocketed to 28 percent. His protests fell on deaf ears. His letters met with cordial, corporate responses sending the same message: Too bad.

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