12-31-2009, 05:53 PM
(This post was last modified: 12-31-2009, 05:54 PM by Kole T. Merr.)
Paying over the minimum payment is generally good. It will make future payments be smaller, as well as lowering the overall amount you will be paying thanks to that damned interest. Just make sure the extra goes to principal and not to the next month's payment.
EDIT: For example, on like a $5000 loan, you are more likely paying upwards of $6000 in the end. Paying extra means the bank gets less of your money.
EDIT: For example, on like a $5000 loan, you are more likely paying upwards of $6000 in the end. Paying extra means the bank gets less of your money.
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