Compound interest or compound returns are fascinating. If you’re reading this, you don’t need to be told why. Time combined with money put to work can and does result in staggering leaps of wealth. If you’re confused, look up Warren Buffett’s net worth when he was 53 and 63, versus 93.
The profound impact of compounding on Buffett’s fortune is something that Senators Richard Durbin and Roger Marshall ought to keep in mind, along with a “junk-fee” hating President Biden. In particular, they might think about it amid their attempts to force credit card companies to reduce the amount they charge for late payments on outstanding balances. At present the amount is $32, but Biden, Durbin and Marshall are in hot pursuit of legislation meant to push the number down to $8.
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