Wednesday, November 9, 2011

Make Compound Interest Your New BFF

We fashionistas love to shop, shop and SHOP!  Obviously, we need money for that.  If we don't have available cash we simply swipe our credit cards.  This is where the problem begins.  This is where "compound interest" becomes our  #1 nemesis.  Like most people I know, If you only pay the minimum charge each month, you'll have to pay 3.25% - 3.5% interest on the outstanding balance.  That goes on and on each month until you realize that you're paying double of the actual value of your purchase.  It's scary!  "Compound Interest" is definitely your worst nightmare!

Or maybe not...