Follow the advice of Angela of Houston. Your balance will never go down with these people.
I took out a $7K loan about a year ago. My balance is $6600. They do have a weird way of calculating interest that is lost on the average person who doesn't possess a financial background.
When I complained, I was told "we told you when you took out the loan that you have to make more than your monthly payment if you expect the loan to go down." I've been doing that and it still stays about the same.
To solve the problem, I am selling my house and paying them, plus my car loan, off. I'm done with loans, credit cards, etc. And predatory practices. I use my debit card and make sure the account is pretty full, when I need to travel. I'll pay cash for a good used car. I cannot be a slave to increasingly high interest rates, fees for everything from electronic payments to copies of statements. I've so many horror stories about HFC taking people's houses.
They send monthly notices asking if I want to refinance. Yeah, right, and when I don't make double or triple my monthly payments, they'd be taking my house too, I'm sure.
My advice to everyone is forget about credit cards and loans (except for your mortgage) and go to the old "pay as you go" system. You'll save much grief and heartache over interest rates, etc.
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