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