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Tips and Understanding Interest Rates

Interest Rates? Yes, interest rates. Simply stated interest rates are the amount charged as interest to the borrower. It’s basically the amount that is paid for lending money. It may sound frightening, but interest rates are so crucial to understanding the economy and your wealth. Though Interest Rates may be scary, they can be extremely beneficial over a long period of time.

According to a recent article by Huffington Post, “Low Rates cause Economic Growth because consumers take advantage of them to finance home purchases; businesses, to build factories and hire workers.”

It’s important to see interest from both lights and understand the positives it can offer you. One way, is you can earn interest and not pay it by applying principles of compound interest. These can come into effect when considering a yearly rather than monthly interest plan.

A huge benefit is that today, interest rates are very low. Today’s mortgage rates are also very low meaning when people invest, they are taking advantage of their income by providing a potential  benefit of compound interest.

Interest Rates can be broken down many ways- but it’s important to look past the loan and see if the rates really benefit your investment and purpose. By fully understanding compound interest it is possible to build substantial wealth over time. Consulting about your mortgage in terms of interest rates can be of great benefit to your investments!



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