A U.S. college student borrowed $8,645 in student loans. After paying for a few years, they have repaid a total of $7,450. Yet, they still owe $8,750. You read that correctly: they paid back a substantial amount, yet they owe more than the original loan. With an annual compound interest rate of 8%, the debt roughly doubles every 9 years. Many payments don't even touch the principal; they are merely covering interest—and often, interest on interest! This is a debt trap that many people can never escape in their lifetime. Compound interest has never been a miracle for the poor; it is a miracle for the banks.