...COMPOUND INTEREST...
This is why credit card companies are EVIL they are the fruits of the DEVIL. I learned this the hard way and now having to deal with thousands of dollars in credit card debt. Take the chess board legend which illustrates the Fibonacci sequence, and compound interest works in a similar way. I have figured out how to be completely debt free in three years including: my student loans, credit card debt and car loan. Thanks to Stacy Johnson author of the book Life or Debt. In the book he takes you step by step in creating a debt destroyer. Which consists of: gathering your all your debt. Figuring out which debts to pay first (current balance ÷ min. Payment) rank them from first to be paid to last. Every month you pay the minimum on all, except the first one. The first one gets blasted with the debt destroyer ( Minimum payment {minA} + 10% of your income). Then it snowballs the first debt gets paid. The money going to that debt rolls over to the next on your list (minA + minB +10%) . The idea is you figure out a fixed amount to go to debt repayment (minimum payment on all debts plus 10% of income or other set amount). The beauty part is that compound interest can work for you too. Stacy talks about how to take that "Debt Destroyer" and invest it and have that compound interest work for you.
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