Credit Card Interest Rates – Why It’s Important To Understand How They Work
Einstein put it best when he said, “Compounding interest is the greatest mathematical discovery of all time”. Now the question you need to ask is, “Do I want this force working for me or against me?” If you own a credit card and you carry-over balances from month to month then you’ve got that amazing force called compounding interest working against you.
In this article, I’ll attempt to explain how this “force” works against you month after month after month, in the form of interest upon interest. And perhaps, by helping you to gain a better understanding of how this “force” works and how important even a small change in the interest rate you are being charged effects you and families financial future. And hopefully, it will also inspire and motivate you to do whatever it takes to pay off your credit cards and initiate some type of savings plan so you can put this “force” to work for you.
Credit Card Interest Rates are Compounded
The interest you pay on your credit card balances are compounded,...
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