The Dark Side of Compounding Interest

Average credit card balance that's carried over by credit card balance carriers is about 53 hundred dollars. If you were to do that, and just pay the minimum over the course of the next 152 months, or 12 point seven years, in order to pay off that debt, it will have actually cost you nine thousand and 20 dollars. That single decision can be worth almost half a million dollars, 461 thousand dollars. This is the way a financial mutin has to recalibrate their brain to understand compounding.