Another force at work in many people’s lives goes hand-in-hand with consumerism. It’s called indebtedness, and unless its power to control you is completely understood, you will fall victim to credit card companies, lending institutions, banks, and other entities that wait with bated breath to put to work for them the compound interest they collect from you.
Unfortunately, most people don’t realize that when the initial loan amount is combined with double compound interest, they can end up paying three times the amount they actually borrow!
Credit card companies and other credit issuers are keenly aware of this fact. These entities know that double compound interest is the way to make money. That’s why they send out more than two billion offers Read the rest of this entry »