A time when compound interest is not been in my favor.
David Vaughn
Quantitative reasoning/501
Dr. Jerry
2/26/2019
A time when compound interest is not been in my favor.
A time that compound interest may not be in my favor is the interest accumulated for my school loans. When I finish college I will have amassed more than $60,000 in debt to my school loans. My servicer has already began harassing me and has said the loans will take 300 months to pay of with what I have now. I did not submit the information, but they are aware of my income. I can not see many other reasons to take out loans. I may have considered a small business loan at one point, but seeing the problem with creditors does not seem worth it.
Conclusion
Deciding to take out a loan is different for each person. I used some of my excess in loans once when trying to get a associates degree. I wanted to get my car fixed. So I took out a loan. It was not a bad idea at the time but it was something I thought I wanted to be in control of. I feel that it takes a certain amount of responsibility.