Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

The Miracles of Compound Interest

By Tyler Subscribe to RSS | February 7th 2012 | Views:
loading
 
  



So, have you seen your latest credit card bill? Does the amount look ambiguous to you? Do you owe the bank a lot more now, than you anticipated? Well, do not blame the bank alone. It is your duty to keep an eye on all the purchases you makes using your credit card. Many people simply take a credit card, due to the 'ready availability' of money. The first three months would look pretty, as the amount would not have been so burdensome and would look reasonable; hence they intend to be content by paying only the minimum amount and then start spending again. This is a vicious circle and is a very dangerous gamble.

The major reason for the amount to double or triple in no time is that the bank charges a compound interest over the borrowed amount. Therefore, when you do not pay the amount in full, your compound interest enables the banker to charge you over the outstanding amount, plus the accumulated interest. As a simple example, consider you have used up about $1000 on your credit card to purchase some article. Suppose the bank charges you an interest rate of about twenty percent, then your outstanding amount will double in three and a half years. So, you now know how terrible could the scenario be in actual.

There are several people, who get smitten by the advertisements and get carried away by the bank's fancy talk and reward points program. They end up purchasing the card and then few years down the line end up with zero bank balance and a still impending outstanding balance. If you go through the news and internet stories, you will be aware that a number of people have filed for bankruptcy, just because of their immense attachment to credit cards. The only way to maintain a good hold on credit cards is to do a timely compound interest calculation.

For your own convenience, you can use online interest calculating applications to verify your statements. There are several online compound interest calculation websites and tools available, at no cost at all. These tools are very simple, generic and very user friendly. You do not have to be a computer geek to know what to do. They are generally simple applications, with blank fields, which could be filled in with ease and then all you need to do is press the calculate button. These tools will help you manage your credit record and also let you keep a check on your expenditure.

Some of these websites might even help you choose the right credit card. All you need to do is put in a dummy amount and the rate of compound interest, to calculate the amount you would owe the bank or card provider over various payback periods. You might even study the iteration and make your own credit card table to make a good choice. You may even be able to compare various credit cards with the help of these sites.

Tyler - About Author:
Looking for compound interest and compound interest calculation? Then you have come to the right place; follow the link for more information.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/the-miracles-of-compound-interest.htm

Related Loans Articles Subscribe to RSS

2000 dollar loan with bad credit- Feasible financial deal for bad creditors
Published by Kelin Smith on July 16th 2012 | Loans
With the aid of 2000 dollar loan with bad credit, you can manage small financial needs without any h...
 
No faxing payday loan: Money Approved with Easy Features
Published by Albann James on May 9th 2012 | Loans
No faxing payday loan is the monetary assistance that is approved without collateral and no credit v...
 
Appoint a fair collection agency student loan to be legally safe
Published by Peter Paul on December 15th 2011 | Finance
Using unfair means to collect your unpaid loans can land you in trouble with the law and hence when ...
 
1000 cash loans-Small loan with easy repayment option
Published by Morgan Sadyu on December 6th 2011 | Loans
With the aid of 1000 cash loans, you can easily overcome financial crunch without any hassle....
 
Ten dollar payday loan- Approve very quickly without any hassle!
Published by Addison Maddy on May 29th 2012 | Loans
By availing ten dollar payday loan, you can get small fund and meet cash worries with ease....
 
Installment loans- Get installment loan with in few hours
Published by Thomas Parker on January 4th 2012 | Loans
Payday loans with installment traditional type of borrowing money and this help you a lot when you a...
 
USA Property Financing – Advice you can bank on
Published by Ben Bradshaw on May 12th 2012 | Finance
The market for USA property financing tends to be hot on most occasions as long as the economy has g...
 
No bank account payday loans - Cash Assistance Through No Bank Account Payday Loans
Published by Repid Watson on December 28th 2011 | Loans
Take quick decision and apply for No Bank account payday loans to meet your short term cash shortage...
 
Secured loan in UK: are an inexpensive economic result
Published by Ian Foster on November 29th 2011 | Loans
Secured loans in UK can be availed by presenting safety beside loan amount and most of the lenders p...
 
Instant loan today - Get quick money within few hours
Published by Aldenn James on July 13th 2012 | Loans
By getting quick funds via instant loan today, you would be able to fight against unexpected fiscal ...
 
Private school loan for bad credit- Useful cash help for bad creditors
Published by John Simen on June 1st 2012 | Loans
With the aid of private school loan for bad credit, it is quite easy for borrowers to fight against ...
 
2000 loan online no fax- Ultimate fiscal plan for American who needs instant funds
Published by Baldwin Will on May 16th 2012 | Loans
If you avail quick cash through 2000 loan online no fax, you may easily fight against any fiscal eme...
 
Fast cash 500- Fast loan with easy repayment criterion
Published by Rocky Ales on April 6th 2012 | Loans
With the aid of fast cash 500 scheme, you will obtain small sum of money that can be used for emerge...
 
Instant Personal Loans: the quickest way to get a loan in India
Published by Raj Sharma on July 20th 2012 | Loans
Personal loans, today are taken by many people to fulfill their needs and desires. one major area of...
 
Fast Same Day Loans- Get a loan with the lick of a button
Published by Hector Milla on December 17th 2011 | Loans
Get fast same day loans within 24 hours of approval. All you need to do is fill an application form ...
 
Loans with no fees- Valuable gift for loan-seekers!
Published by Kert Kills on June 23rd 2012 | Loans
If you are availing Loans with no fees, it is sure that you will get quick funds. This loan will ser...
 
90 day loan- Reliable and perfect choice of financial help for everyone
Published by Thoms Stuart on June 22nd 2012 | Loans
By acquiring quick cash with the aid of 90 day loan, you will get instant funds up to $1500. This is...
 
Payday loans Canada- Get quick cash in the form of loan now!
Published by Joen Henry on May 23rd 2012 | Loans
By taking quick cash from payday loans Canada, you have the facility to fulfill unexpected credit wo...
 
500 fast cash loans- Small loan with easy repayment tenure!
Published by Thomas Symends on January 7th 2012 | Loans
For fulfilling your immediate needs of money, it is better for you to avail 500 fast cash loans so t...
 
Ten dollar payday loan- Small loan available online for you!
Published by Addison Maddy on July 10th 2012 | Loans
For those borrowers who prefer small funds, ten dollar payday loan is the batter financial help avai...