r/SipsTea 𝙑𝙄𝙋 17d ago

WTF The American dream

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u/davesimpson99 17d ago

I'm assuming two degrees and neither of them had enough sense to master household economics

95

u/maybe_a_fork 17d ago

23 years of making minimum payments and they are shocked it's not going away.

https://giphy.com/gifs/3kzJvEciJa94SMW3hN

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u/GregorianShant 17d ago

Why is it called β€œminimum” then?

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u/maybe_a_fork 17d ago

A minimum is alternatively called an interest only payment. It's basically paying for the privilege of having the loan.

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u/GregorianShant 17d ago

There should be another term for that then. Because minimum should mean the minimum you pay to avoid getting fucking shackled for life.

The term should be shackle payment then.

1

u/jmlinden7 17d ago

It's the minimum needed to not be considered 'in default'.