The effective APR can be quite high, often much higher than the nominal APR, in part because it amortizes the cost of credit, including fees, over one month.
Global practices It has been said, particularly in the context of the developed economies that while the young do not save enough and do not fully understand the need for investments for future, many of the elderly tend to feel the pinch of poverty. In this background, priority need to be accorded to financial education.