“The most powerful force in the universe is compound interest,” said Albert Einstein. It is expressed in a mathematical formula called the Rule of 72.
No interest at all is charged for a certain period, with these 0% interest credit cards. The card issuing company makes its profit by the interest they charge on outstanding balances and fees as well. Many companies have found that they better entice people to use their service by giving them no interest for an initial period. This initial period is typically a year. The period of zero interest sometimes applies to balance transfers, sometimes to purchases, sometimes to both.
As the credit crunch has hit the world, most of us are feeling the adverse effects of being in debt. Being in debt is not an easy situation. You have to stress about making repayments, and covering your expenses at the same time.