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.