It is the modern American horror story, but one now being seen increasingly throughout the world: A successful middle class consumer, with a good income and excellent credit history, enters middle age thinking it is time to start saving for retirement.

Then something happens. It may be good news, such as a new baby; it may be bad - an unexpected, but not really major, illness . . a family emergency . . a divorce . . a drop in family income. None of which are exactly unusual, especially as we get older.

But any one of those events, by itself, could be just enough to destroy anyone's financial future. In a matter of weeks.

All that is required to reach the danger zone is to hand someone a credit card. What may have been a problem only for a few people who couldn't "handle" credit in the past has become a deadly weapon for the majority in the 21st Century.

That middle-aged, middle class consumer with the good income and perfect credit history probably has at least 10 bank and store charge cards in his or her wallet. And most, if not all, are carrying large balances. In 2005, the average consumer had nearly $10,000 in credit card debt alone; double or triple that if including loans for cars, new roofs, a kitchen remodel - even ice-skating lessons or college tuition.

Worse still, in 2005, the rules all changed. Even though most consumers still may not know.

First, many credit companies have now doubled the minimum monthly payment, from 2 percent to 4. In itself, for any given card, not a real problem. Most cardholders probably were paying that, anyway.

Second, with no usury laws to stop them - and despite inflation rates from 1-to-3 percent - credit companies have pushed interest rates for "problem" cardholders to 30 percent. Or more.

Third, a problem with any creditor, even a "late" payment well within the 30-day mark for being reported to the credit bureaus, gives every other creditor the option to cut their card's credit limit (often to the current balance), double or triple the interest rate and cancel any "special offers", no matter how long they have been in place.

Consumers jump at "6 months no interest" or "Zero interest on all balance transfers for one year" offers. But the slightest infraction, even involving a different creditor, and the next bill may include full interest charges - from the start of the offer.

It only takes one creditor to turn someone with a decade of perfect payments into a "problem". Even without a single 30-day late payment, a bill one day past due may cause that account to go up in interest, down in limit or both. Which spurs others, who will see that activity in credit reports, to follow suit.

Within two months, all 10 credit cards could be at 30 percent interest, with over-limit fees because the limit dropped, plus late charges if those mounting bills overwhelm a bank account already hit by whatever life event set the cardholder back in the first place.

Now a double minimum payment becomes a serious problem, as that original $10,000 total debt begins growing by $250 a month in interest, plus up to $500 in accumulated overlimit fees and another $500 in possible late fees, all needing to be paid in addition to the new $400 monthly minimum or the cycle repeats itself.

What had been a $200 monthly bill in January can grow to as much as $1400 in April, all when the consumer is already strapped for cash. And don't forget the collection calls - which sometimes come a week BEFORE payment is due - the bright pink past due notices, account cancellations, threats of liens, garnishments, repossessions, foreclosure and lawsuits.

Bankruptcy? Not any more. As of 15 October 2005, it became virtually impossible for an American consumer to declare personal bankruptcy. At least, not without a lot more cost, a lot more time - and the certainty of losing everything, including home and car.

Take another look at those colorful bits of plastic in your wallet, the ones offered with great promises of "easy payments" and a better lifestyle. See them now for what they really are: Viral monsters, ready, willing and able to destroy the cardholder's life in the blink of an eye.

Next time, hand the salesclerk some colorful cash, instead. It beats paying for that last dinner out over and over again for years.