Over the next decade, the U.S. government is expected to build up right around $9 trillion in debt. But is all of that $9 trillion spending for a variety of programs? Actually, no. CNN Money reports that $4.8 trillion of that debt –  more than half — will actually be due to interest. More than half our debt over the next decade will build up because we are paying for the privilege of borrowing money. We won’t see additional services or benefits. We’ll be paying to keep things going.

This is a rather large reminder about the power of interest. Indeed, Albert Einstein is credited with calling compound interest the most powerful force in the universe. While there is no way to determine the authenticity of this statement, it nevertheless rings true. It still rings true even if you are talking about simple interest. Whether you are getting a home mortgage, using a credit card or buying a car, interest adds to the total cost you will end up paying.

And it is vital to remember that interest doesn’t net you any advantages beyond allowing you to borrow in the first place. So, even though you may have to borrow for some things, it is in your best interest to get the best possible interest rate, and to get as short a term as you can manage, so that you pay less in interest overall.