oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
for the last 10 to 15 years where it was only 25,000. She pays the minimums but it just keeps growing. Now it is up to $75,000. I feel she has paid them more than enough.
Your friend is not being entirely honest with you - if she had truly paid the minumums the principal would have streadily gone down. She has been borrowing more money from the card company.
Here's a clip from 'credit card computation' -
quote:
they are required to do so in a way that allows consumers to pay a portion of the principal, so they can eventually climb out of debt -- assuming they don't keep putting on new debt on their balance.
|
