In Canada they actually made a law where the bank has to put on the statement how long it would take you to pay off your balance if you only made minimum payments. It's usually like 40+ years.
Agree on putting stuff on credit card, and paying it off each month. That way you get several weeks to pay for it and also earn points or whatever. I use a credit card for pretty much any purchase over $5.
As far as I know just about the only loan that you can't 100% pay off at any time without a penalty is a mortgage, they usually allow up to about 20% of the original amount per year. But for credit cards, cars etc you can pay off at any time.
Agree on putting stuff on credit card, and paying it off each month. That way you get several weeks to pay for it and also earn points or whatever. I use a credit card for pretty much any purchase over $5.
As far as I know just about the only loan that you can't 100% pay off at any time without a penalty is a mortgage, they usually allow up to about 20% of the original amount per year. But for credit cards, cars etc you can pay off at any time.