You found out, the hard way, that there is more than one interest rate: the introductory rate you signed up for (0%) and the penalty interest rate (29.99%!), which was printed in the credit card agreement you never read or do not remember all of the terms and conditions. Your variable interest rates, which all of a sudden were climbing, included your second mortgage, your motorcycle loan and three of your credit cards. Then there were all of those big purchases using promotional rates, like the furniture you bought at 5% interest with an agreement that it would be paid off in two years. When it was not, the interest rate was hiked up to 24%.

One awful day you learned all about universal default: Who knew that when one of your cards kicked over to its penalty rate, all of them could, even if their minimum payments were on time.

Late fees and penalty charges began to build upon one another; you were paying interest on interest and on fees and on a slew of other charges. Your debt load was too high to contemplate.

Debt collectors began to call and they were really direct and unsympathetic. They told you horror stories about what they could legally do to you. They called you at work and at home and you were really sorry they had your cell phone number. You almost looked forward to not having a cell phone anymore. The only people who kept in touch anymore were some family members and debt collectors. Turns out you are no fun when you are broke.