The silent financial killer is daily compound interest. As your credit card balance grows, more interest is added to the amount you owe. Compound interest leads to the swift accumulation of interest charges, making it more expensive to carry a balance on your cards. That is why it is important that you pay off your balance each month.
If you are unable to pay off your balance every month, it is time for you to look at options. A debt consolidation loan will transition that deadly daily compound interest into a fixed rate loan similar to a car loan.
