The Mystery that is Compound Interest

In my article “Why we need to teach Personal Finance” I have already alluded to the damage compound interest can do. Especially, when no one seems to understand how it works, and how quickly it can spiral out of control. That’s why I decided to write this article, so that hopefully we can gain some more insight, clear some confusion and take away some misconceptions about interest rates, and compound interest. Most forms of debt come at a cost. This cost is often referred to as interest. Interest is the money you pay to whoever is lending you the money…....