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 - Fasteners: The Nuts and Bolts of Nuts and Bolts - by Curtis Von Fange. The nuts and bolts of nuts and bolts is an interesting and essential piece of knowledge that applies to our older tractors. An improperly torqued capscrew on an engine head or a shear bolt that is too hard on the driving shaft of a bushog can create havoc and make an expensive and uncalled for repair. Let’s examine the purpose and design of these fasteners in order to ensure their proper use. Fasteners are probably one of the aspects of mechanics that is given the least amount of thought.
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