FORMER GOLDMAN BANKER: You Should Know The Ugly Math Behind Your Credit Card Debt

Part III - Compound interest and Consumer Debt Please see earlier posts Part I - Why don't they teach this in school And Part II -Compound interest and Wealth So in the last post I wrote about the the incredible power of compound interest, and the possibility it suggests about wealth creation over time. Unfortunately, there's also bad news. On the debt side of things, how much does your credit card company earn if you carry just an average of a $5,000 credit card balance, paying, say, 22% annual...