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APR and Compound Interest: Two Reasons Credit Card Debt Grows

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In this video, we explore the relationship between APR and compound interest, what they are, and how they negatively impact your debt amount.

What is APR?

APR, or annual percentage rate, is the cost of borrowing money. However, it’s not merely charged once a year. Credit card companies divide it into a daily rate, and charge interest every day money is owed.

What is Compound Interest?

Not just paying interest on original balance, but paying interest on top of the interest from the debt prior. Therefore, only making a minimum payment actually goes toward interest, and not the debt itself.

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