Make it like the new college debt rules. If you are making the minimum payment, then your total balance can’t go up. Interest can’t be higher than the minimum payment (which is also capped)
Compound interest is a ridiculous idea. When you get a loan, you should only owe a flat % on top of the loan amount. This % should be negotiated ahead of time based on the repayment schedule.
Should be 0. If you’re late on a payment, you pay compounding interest. The idea that you can somehow charge a fee on top of that is absolutely insane.
I think it should be lower still. $5 max.
But really they need to go after interest rates. That’s where the real theft occurs.
Make it like the new college debt rules. If you are making the minimum payment, then your total balance can’t go up. Interest can’t be higher than the minimum payment (which is also capped)
Compound interest is a ridiculous idea. When you get a loan, you should only owe a flat % on top of the loan amount. This % should be negotiated ahead of time based on the repayment schedule.
Sounds like a great low interest loan to me.
Should be 0. If you’re late on a payment, you pay compounding interest. The idea that you can somehow charge a fee on top of that is absolutely insane.