6 Steps to Trapping A Human In Credit Debt
Step #1: Starve the human being of the financial education required to instantly recognize a financial trap.
Step #2: Hire professional actors and actresses to expertly pretend their lives are infinitely easier and happier after acquiring shiny new and improved widgets. Also hire the professionals to expertly pretend that to attract and hold the love of others, all they have to do is provide others with shiny new and improved widgets. This will cause the human being to believe their happiness depends on how many widgets they can acquire for themselves and others.
Step #3: Give the human being a piece of plastic that allows them to acquire the shiny new widgets without having to work to pay cash for them up front. This pushes the pain of having to work for the widgets too far into the future to seem of any consequence. And depending on how well you executed step #2, the human being may even actually agree to pay you an 18%-20% annual fee.
Step #4: Allow the human being to take 20 to 30 years to repay the widgets charged on their account. This makes the monthly payments seem too small to be of any consequence.
Step #5: As the human being approaches the limit of how many shiny new widgets they can have without having to work for the cash to purchase them, increase the credit limit. In effect, this gives the human more rope to hang themselves with.
Step #6: As soon as the human being's monthly payment exceeds their ability to pay, spring the trap by immediately increasing their APR to the penalty APR (29%) and tack on a $35 fee for every month their balance is above the now maximum credit limit, plus another $35 fee for every month their payment is late. This will ensure that the human being is trapped for good.