Loans and credit cards accumulate interest daily. The companies don’t just figure out your interest at the end of the month, that would not allow them to maximize their profit. Instead, they compound the interest daily so that they’re able to make a few more cents everyday off of your debt.
So, part of my strategy this month will be to track how much interest my student loan accumulates daily. I checked last night and then I checked today and it already hurts. $12.45 in interest in just one day! Ouch!