I think a "line of credit" is the same thing as what we used to call a revolving loan, where you have a maximum amount it can go to and is paid down when product is sold. The interest is payable monthly but I haven't heard of a specified amount of principal that had to be paid per month, although each bank probably has variations in policy. I know the bank I dealt with preferred to see a revolving load get nilled out or close to it at least once a year. If it got stuck at the limit or never fell below, say half the maximum, they often wanted to extract that amount and put it on a separate term loan that would be paid down over five years or so and had to be secured by something like chattels or land mortgage.
Revolving loans, lines of credit and credit cards can get away on a guy in a hurry. In your case an unforeseen circumstance can come up which, when combined with rigid bank policy, can cause a lot of sleepless nights.
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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