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 - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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