Debt has interests, we all know this but some companys claim you can pay slowly and small amount but infact the interest is much greater then what you could have been paying.

I think I understand what you're saying. You need to pay principal on your debt, not just interest. Otherwise, you won't be getting anywhere on paying it off.

Yes if you pay too slowly, you end up paying a lot more on the loan. It is better to pay extra and apply additional to the actual loan portion so that the loan is over with quicker.

This reminds me of some scenarios that I did in Microsoft Excel for school...amortisation...the interest rates weren't bad, however the amound actually repaid to the bank was appauling...I think borrowing from a credit union is a better choice.

I agree with you shaye. Banks, like lawyers have to understand the role of corruption so that they can apply it to their own businesses.

Also there are different types of interests we have, simple interest as in loans and credit card interests. With the credit card interests, it's more important to pay more than your minimum payment so you aren't paying as much interest on the interest unlike a simple interest loan, which is amorized over a period and the principle is paid off quicker.

The sad thing is that alot of people still don't know this. I know when I was in school they didn't stress this at all. Wish that they would have though. But it is so true it is so much better if you can pay more than the minnium payment.