Financial request for information? I want to make a substantial payment on a credit story that

I want to make a substantial payment on a credit story that has a really lofty APR (almost 30%!). How do I tell the credit company that I want this entire pay-out ($500) to go to the match and NOT the interest? I want to get this point paid down because next to an interest rate of 30% and a minimum payment of lone $62, I'll never pay it sour. I remember once being told to notify them to apply the payment to the "principle." Is this correct?

The only route for them to apply it all to the principal is if you don't owe them interest. If you DO owe them interest, they will apply the donation towards it first, and the balance (if any), to the principal.

As a bonus, I'm giving you the interconnect to an article I read on a finance blog. It's interesting and I muse you should look at it:

http://financialbasics.blogspot.com/2006...

Have a nice day!

Yes this is correct but if you owe them money for the interest, they'll apply it to the interest first anyway. That's their way of making money so this is why they are in place to offer so abundant credit cards to anyone!

Answers: That is correct. Let the lender know to apply it to the principle and not the interest. But I've come across some lenders that applied payments to the interest instead for some of my clients. The best opening to assure your payment will be applied to the principle is to write "apply to principle only" or "principle costs only" in the message section of your check. Because a check is a contract, the lender will own to apply the payment to the principle. If they don't, you'll hold proof to show that's what you intended.

You can't. Unless you make your minimum clearing first and then trademark another payment then and then specify towards the principal and that's if they'll consent to you. Not everyone will. Why should they when they make more money on the interest.

Even if you do turn up paying on the interest as well, you'll still come out ahead.

Perhaps you should try to obtain a new card near a lower interest rate and transfer the stability.

you don't enjoy to pay anything. 30% APR unjust. I believe in US USURY is 18%. You can not charge more than that. You can lug that company to the court and get adjectives over paid interest put money on.

May be you get lucky that within punitive damage your debt might be canceled.

You can try enclose a note AND calling them. I'm not sure if they will do this for you but if you are current on your depiction and have be they may work with you, Here is another tip that most those don't know about, christen them and ask them if you can get a lower interest rate. My parents get into trouble with their card and I call to see if I could get their settlement lowered and THEY offered a lower interest rate. The person at the credit card company told me they would a bit lose some interest instead of the whole amount to liquidation. Hope this helps. Good Luck

This is how credit card companies make their money. By charging you interest. Unfortunately within is no way around this. And stay away from "credit counselors". They are also after your money and will do nought to help you!

http://www.handlethetruth.web

You can't wage principal until all interest is rewarded unless you first negotiate with them. Best argument is to say aloud you are planning to file liquidation. then negotiate to repay the principal lacking interest starting with your significant payment. Threaten to use the massive payment on a different debt.