Tag: compound interest
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The Power of Compound Interest When Investing
We’ve heard of compound interest, and while it can work against you in debt, it’s a game-changer when it comes to growing your savings. If it feels overwhelming, don’t worry – the key is simple: compound interest helps your money earn even more money over time. In our community, where many of us are cautious…
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The Challenge of Compound Interest When Borrowing
Historically, we tend to talk about “compound interest” as a positive concept when saving money. This post focuses on the other side – the negative power of compound interest. We will speak to the crippling impact of compound interest when taking on debt, using credit cards as an example. How Credit Card Debt Works Imagine…