Comments on: 5 Questions To Ask Your Creditors When Making Debt Reduction Payments

By: sara l

sara l — Wed, 26 Mar 2008 04:33:46 +0000

Luckily both my student and car loans both pay down the principal and forward the due date. After deciding to make extra payments I called and asked both companies what their policies are. An important second step after asking all of those questions was to send a test payment and do the math. When the payment was applied to my account I made sure that my principal amount decreased accordingly.

Though I’ll keep paying in my usual fashion my due dates are in May, June, and September.

By: NCN

NCN — Thu, 20 Mar 2008 01:02:03 +0000

@Dana – Thanks! That would be awesome…
@Roman – A year? That’s great!

By: Dana

Dana — Wed, 19 Mar 2008 21:23:12 +0000

@Funny: Why do I get the feeling that credit union’s gonna lose a customer?

Great article. I’m linking to it tomorrow in my roundup, and will probably print it out and save it for my own use.

By: Roman

Roman — Wed, 19 Mar 2008 18:52:22 +0000

Too many people never ask the second question. If they did they would know what and how much they can save. I used the method to pay off my college loans. Cut about a year off of them.

By: Colonel Cash

Colonel Cash — Tue, 18 Mar 2008 16:16:15 +0000

Good topic! It seems I’m asked almost every day about how interest calculates on a loan, so I wrote this post
http://moneyandcredit.blogspot.com/2007/05/how-to-calculate-interest-on-consumer.html . I look forward more about loan interest calculations when you have more info.
In my experience, people confuse daily interest accrual with monthly amortized interest. Maybe this is something that you can address for us? Thanks again!