If you make your regular minimum pay-out, is it possible to request that the overage paid to be in motion toward the Principle amount due, and not be applied toward paying them further interest?

I know you can specify that when making home mortgage payments, to speed up paying off a mortgage loan. Can this same technique be used toward credit payments?

062107 7:45

Answers:
yes. and your credit card company will do it short you even having to ask.

For example, your bring back your statement, with interest charged of $20, and an culmination balance of $400. Your minimum sum is $30. If you pay $100, they apply $20 to the interest, and $80 to the stability. Your new match is $320.

The reason you own to tell a mortgage company how to apply more funds is because they also have an escrow side for paying your taxes and insurance. Without you telling them, they don't know whether to apply the extra to principal or escrow.

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