Economy
How compound interest turns debt into a trap
HERE’S THE INTERESTING PART
They call it the eighth wonder of the world when it applies to your savings, but it is an absolute nightmare when applied to your liabilities. Compound interest means you aren't just paying the bank for the privilege of borrowing; you are paying interest on the interest that you couldn't afford to pay last month. It transforms a minor financial mistake in your twenties into a lifelong mathematical hostage situation.
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