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!
- Class #1 – The Easiest Way To Start Budgeting
- Class #2 – What To Do With The Money You Save
- Class #3 – 401(k), IRA, Traditional and Roth
- Class #4 – How The Wealthy Think About Income
- Class #5 – How Taxes Affect Your Paycheck
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.