K.C. asked:


I have an auto loan at 16% (I know a little high but when I got it my credit wasn’t as good as it is now) and I have a credit card that has an intro balance transfer rate (which includes just them writing a check to someone) for 6 months and after that ana interest rate of 12% which is still lower than my car rate — I don’t have enough available credit on the card to pay it off but was going to pay about $2000 in a principal payment I still owe in the high $13K on my auto loan…..Ieaving about $11K on my auto loan….I pay my credit card bill on time and pay between $300-$500 a month on the card so I pay well over the min payment amount….Is this a good idea — I’m just trying to get my principal down cause it’s not going down by much with the interest rate being 16% —- also a refi is not an option as I owe more than the car is worth
Thank You I will not use my credit card to do this — I’ll just try and make more the the monthly payment to my card
To my car, lol

Joanne

jezuzgirl asked:


Our monthly payment is 549.10 (yes ouch). As I’m looking on the statement, it shows the following, which I don’t understand: Principal Balance is 15,921.93,
Principal Payment is 327.72,
Interest Payment is 221.38,
ending principal balance of 15,594.21.
The interest rate is 14.5%.

There is a “Late and other charges” of 125.13. (husband will have to call to see what that’s for)

This was supposed to be a five year contract. We have made a total of 40 payments… but the maturity date isn’t until 1/21/12. (The truck was purchased in Oct of 05) !?!?! Thats 7 years.. Yes we have missed a few payments, 3 i think but we are caught up now as they have adjusted the account. Can someone make sense of this for me, My name is not on the account or I would just call them and have them explain it to me, and then wouldn’t trust that they knew what they were talking about. Thanks for any help you can give, and please if you can help and I have left anything out feel free to email me.
Have a happy weekend!

Bryan