How do I pay back my Personal Line of Credit?
Like a credit card, you will pay a monthly bill that shows your advances, payments, interest, and fees.
There is always a minimum payment, which may be as much as the entire balance on the account. You may also be required to “clear” the account once a year by paying off the balance in full. Read your account agreement carefully to ensure you understand what you will be required to do. If your line of credit has a minimum payment, you will pay less in interest if you consistently make more than the minimum payment.