Paid More than $150,000 on a $40,000 Debt

By admin • December 7th, 2010

In a familiar but shocking scenario, Robert Meixner, 62, filed for bankruptcy a year after losing his job as an ambulance-company controller.  He wanted to shed credit-card debt related to a failed flower shop he had been paying on since the late 1980s.  Mr. Meixner said he felt guilty at first, but after calculating how much interest he had paid—more than $150,000 on an original $40,000 debt—he felt much more comfortable.  Mr. Meixner had repaid the original debt almost four full times over and yet still owed more than he originally borrowed!  Outrageous!

Source:  Wall Street Journal article, Rebuilding Lives After Bankruptcy

 

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