Here’s how interest works and how to keep your payments low

Interest payments are nearly unavoidable for adults. Credit cards, mortgages and student loans all charge interest on outstanding balances, and the money spent can add up fast.

For those new to the world of interest rates or just in need a refresher, here is an explanation of the main types of interest rates, when you’ll see them and the best ways to try and reduce your overall interest payments.

Read the full article in the Finances FYI section of The Seattle Times, sponsored by 1st Security Bank.