Laurie
Haslet,#2Consumer Comment
Thu, April 09, 2009
Most of which is applied to interest with only a very small portion of put to the principal. This is how it works with ALL INSTALLMENT LOANS! This is not NEW! And you should know this. The higher the interest rate the longer it takes to payoff just making minimum payments - THAT'S HOW THEY MAKE MONEY! YOU have to make more than the minimum payment - stipulating that the extra dollars be put TOWARDS the principal. As the principal goes down - so does the amount of interest you pay. But if you continue to pay as you have you will spend far more on interest then the original loan in the first place - with no one to blame but yourself