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If you get behind on one credit card (or ANY debt), soon all your credit cards will go to 29% interest!
Compound Interest?
- It means you’re being charged interest not just on the money you borrowed, but also on any unpaid interest from previous periods.
- So if you don’t pay off your balance, the interest starts charging interest on itself.
The minimum monthly payment on a credit card is typically 2% of the total balance. At that interest rate you will owe more each year and never pay it off.
In a Chapter 7 all credit card debt is wiped out!
In a Chapter 13, there is usually NO interest on credit card debt, and you don’t pay all the debt – only a portion!

You’re Borrowing Money, Not Spending Yours
It’s like using your friend’s money and promising to pay it back later.
You Have to Pay Extra (That’s Called Interest)
If you don’t pay right away, the cost goes up—like buying a $10 game and ending up paying $25!
The Longer You Wait, the More You Owe
Interest keeps growing and growing… like a giant bill you forgot to pay.
Late Payments Mean Big Trouble
You can get hit with late fees, which are extra charges just for being slow.
It Hurts Your Money Report Card (Credit Score)
If you miss payments, your score drops. You need that score to buy cars, houses, or get jobs!
You Might Spend Too Much Without Noticing
Swiping a card is super easy, and that makes it super easy to overspend.
Small Payments Don’t Help Much
Just paying the “minimum” each month is like only cleaning your room by picking up one sock a day.
You Can Get Stuck in Debt
Once you’re behind, it’s hard to catch up—like being stuck in quicksand!
Extra Fees Hide in the Fine Print
Some cards have sneaky charges like annual fees, cash advance fees, and late fees.
Bad Habits Can Last a Long Time
If you learn to swipe now and worry later, it can lead to money problems for the rest of your life!

Kind Regards,

Sheree & Kerry Cameron
Cameron Bankruptcy Law

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