The Eighth Wonder: Einstein's Duality of Interest
Albert Einstein famously referred to compound interest as the "Eighth Wonder of the World." He followed that statement with a chilling caveat: "He who understands it, earns it; he who doesn't, pays it." In the context of credit card debt, compounding is the engine of wealth erosion. While compounding helps a retirement account grow exponentially, it works with the same ruthless efficiency to grow your debt.
The visualizer above demonstrates this geometric progression. When you carry a balance, the interest you owe today is added to your principal tomorrow. The next day, you pay interest on your interest. This "Negative Compounding" is why a person who only makes minimum payments can end up paying 300% to 500% of their original purchase price over the life of the debt.