Minimum payments

This is why credit card companies love minimum payments. Let's get after it. All right. So, let's say that you owe $1,000 in debt. This whole stack is your debt, right? So, the bank [snorts] has something that they call interest. And interest varies upon who you are, what you do, how long you've had it for. Interest just varies. So, I'm not going to get into that right now. The bank adds interest, right? And then you come along and you make a payment. Well, that payment's going to knock out a little bit of your interest and maybe a little bit of your of your debt, your principal. All right. Then, the next month it's going to happen again. It's going to add interest and you're going to make your payment and it's going to knock off a little bit of it, right? And then the third month comes along and it's going to do the same thing and so on and so forth for who knows how long. Let's say that each one of these blocks represents $30. So, you paid the bank $90, right? Let's say that you owe $17.50 a month in interest. So, you paid $52.50 in interest. And your principal, your little debt here, it only took off $30. So, the bank made 50, you knocked off 30, but you actually spent 90. Anyways, it's Monday. I got stuff to do. I'll catch you guys later. Peace.