Credit Card Debt Is Compounding Interest In Reverse!
When you borrow money, compounding works against you. It takes more of your money, sometimes far more than the amount you initially borrowed. When you carry a balance, interest is charged on already-accrued interest. Credit card companies want you to go into debt-it makes them wealthy. In fact, they will entice you to spend more and more with "free" gifts and rewards. The credit card companies are good-very good-at having people spend beyond their means. In 1996 the average U.S. household had $5, 875 in credit card debt. Just ten years later, in 2006, it was almost $10, 000. That monthly balance is their bread and butter-how they make their profit-from your hard earned money. ...
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