How many years will it take for a debt to double at 42% p.a compound interest?
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While compounding interest is great for investments, the Rule of 72 can really work against you when it comes to debt: At an average interest rate of 18%, the credit card debt doubles in just 4 years (18 * 4 = 72), and quadruples in only 8 years, and keeps escalating with time.
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