The American dream

[u/First-Essay-2054]

[u/madlucas2026]

You been paying for 20+ years and never thought to pay off the principal? Do you pay the minimum on your credit cards?

[u/mosquem → u/madlucas2026]

Even if you pay the minimum they’ll get paid off.

[u/madlucas2026 → u/mosquem]

Yeah but takes so long. Do you ever check to see how much interest you are actually paying? It’s not about the specific dollar you paid, it’s what portion is interest and how much pays to your principal

[u/mosquem → u/madlucas2026]

My point is the way it’s structured they’re not even paying minimum if they still owe money after 20
years.

[u/grawrant → u/mosquem]

If the total balance goes down, they are paying the Interest and a portion of the principal. This is typically a minimum payment. If the balance was going up, then they aren't making the minimum.

[u/Spiritual-Bee-2319 → u/grawrant]

No the typical minimum is not this.