Credit Management

Borrowing Money? Then You Need To Understand Interest Rates (Video)

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Most of us will borrow money at some point in our lives whether it be via a credit card, student loans or a mortgage.

But what exactly is interest? And does the rate change depending on what you’re borrowing money for?

I answer those questions and more in this 64-second video.

For all of you newcomers who are just joining us, this video is part of a series called #BrokeUniversity where we break down the most important personal finance basics in 90-second videos.

Did you miss the first six #BrokeUniversity classes? Check them out!

Read the original article on Invibed, Copyright 2015. Invibed is an online destination that makes personal finance relevant, accessible and entertaining to millennials. Follow Invibed on Facebook and Instagram.

  • Michelle

    This is some great information for those that don’t know how everything works.

  • I’m not sure everyone really does understand this. What sounds like a small percentage rate can be monumental over the loan length, so it’s super important to understand it all.

  • I have to learn how to save better this year. There’s just so many things that I want to do but I’m always short because I end up spending my money on food, LOL. It’s a serious problem. I swear.

  • This is great information. Understanding what you are getting into is very important.