The Crayfish Pot

Lobster pot to the readers in Maine. The underwater fish trap that lets a crayfish in but doesn’t let it out again – until it is hauled up to the surface and boiled alive. I have just received a mild boiling by my bank.

The bait was the Mastercard that I use for so many transactions nowadays – petrol, liquor, overseas purchases, dinners, etc. My habit is to pay it off regularly once a month – pay it to the penny, and incur no interest charges.

Then in December I looked at my Mastercard statement and misread the required amount – misread it by $ 2.70 and underpaid it. In the month that has passed an interest charge has accrued of $24.70…

It’s all legal, and it sits there biting and biting and biting each day that passes. And it is what bites people into irrecoverable debt. Trapped in the crayfish pot.

I shall not take the tinsnips to the Mastercard. It can ride with me in my wallet for the emergency aid that it might be – but I am headed back to the bank with my chequebook to  pay the entire debt I owe – as of this day – and will not be using it for transactions that can be done with cash in the future.

It’s probably a $ 35 dollar lesson in economics by now…but I’ll pay it and remember.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.