Turn Up Tuesdays w/Stassi: Principal ONLY

I believe that America is built to keep poor and working class people poor and working.

No, seriously.

I have spent the last hour just trying to make a principal only payment on a loan. With all of the technology available at our fingertips, I just do not understand why it was such a merry-go-round of making this payment. First, this popular banking institution’s website has NO information available for PRINCIPAL-ONLY payments. Not one article or blog post with instructions for borrowers to complete this action. So, I called. During the secure screen share session with the first guy, he had to stop to ask someone else questions on how/if it could be done. Seriously. So, of course then I had to transferred to someone else, who then transferred me to someone else… Finally, I was in the right division, but then this guy could not even get to a payment option. He transferred me and then the call magically hung up while I was listening to the hold music.

COMPLETE DEBACLE.

I called back because I refuse to let this last piece of debt win.

After an entire hour of back and forth, 4 different times of security authorizations and 4 different customer service representatives, I was FINALLY able to make a principal-only payment. And this got me to thinking…

Was it so much trouble because the banks don’t really want us to pay off these loans? They want to hold on to our debt as long as possible so that they can continue to charge interest…

So here’s my reminder to you:

PAY DOWN THAT PRINCIPAL.

Make those principal only payments as much as you can in additional to the scheduled or minimal amounts on those loans to get that balance down so that you can be done with the debt and start building wealth for your next generation. They don’t want us living in freedom. Don’t let them win.

Hopefully next month will be a lot smoother.

Stassi

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