Ideally, credit cards are paid in full every month. And the
loan is paid off early. That takes a lot of discipline, and
self control. Something the American public is slow to
learn.

Interest is what keeps the credit card companies paid. That,
and also fees and penalties.

--
Christopher A. Young
Learn more about Jesus
www.lds.org
..


"Hustlin' Hank" wrote in message
...

You are correct in what you are saying. Like other posters
have said,
the trick is to pay off the CC every month so that you don't
pay
interest. In reality, a CC can be an asset if used correctly
and claim
the rewards by paying it off.

Many years ago I looked closely at the amorization schedule
for my
home loan. If I kept the house and only made the monthly
payment, I
was paying almost $300,000.00 for a $100,000.00 home. I
thought to
myself "what a waste of money". Altho I couldn't pay it off,
I could
pay a little more onthe principle and pay it off earlier. I
did that
and after about 5 years, I almost had it paid off. I sold
the house
and took the equity and built a smaller house with more land
and it
was totally paid for.

Young people HAVE to pay interest on a loan to get a home.
As bad as
it sucks, it is the only way for some to acquire any savings
(equity).
It beats renting for sure. But, any interest you don't pay
is like
having that money go into YOUR pocket.

If people would take a close look at the amorization
schedule and
realize they are wasting many dollars on interest that is
coming out
of their pockets, I'd think most would come to their senses.
At least
the smart ones.

Hank ~~~thinks interest is wasted money.