interest only

interest only

fiction
edward w pritchard

Red's life depended on the benevolence of his bank for he was on interest only.

He owed 853,222 on the business loans combined on his drive thru and the restaurant.

His first mortgage was 271,475 on the house out in the Lakes. The equity loan was another 35,124 but was actually unsecured for he was underwater on that for a long time.

Two credit cards were maxed out at with combined balances of 24,003

Car loans on the two cars were 34,886

there was however 2,500 in the daughter's college fund

The restaurant was doing fine and the work-out people from the big bank hadn't called in several months. The community bank was having troubles of their own.

His wife was still teaching but that school system was cutting back

somewhere a 22 year old is graduating from college that will start working at the big bank and in about 18 months into the current business cycle will call Red and over the course of three phone calls and a harsh letter from an out of town attorney will rock Red's world by wanting the principal on the loans

red used to follow the stock market every day but hasn't opened his 401K statement in a long time and him and his friends don't discuss the dow anymore. For all of them are now on interest only.

red likes to stop on the way to work and buy a few lottery tickets for he is now on interest only, expediency keeps him going
end