Hi Don
I was looking over the FAQ’s and don’t understand this answer–it is near the bottom and says “so you do pay off in 30 years”. I thought it was supposed to be paid off sooner.
5. How do I make payments?
Every time you make a direct deposit of your payroll, or add funds from another account,
you?re in effect making a payment. Then at the end of each monthly statement period, we add
a charge for interest based on your daily principal balance. This charge is simply added to
your principal balance. You actually only owe interest-only for the first 10 years; after that
you?ll be in the ?repayment period?, where your credit line starts to decrease regularly (1/240
per month) so that you do pay off in 30 years, and you?ll need to be making progress against
both principal and interest during that period.