I have a balance of $17,000 on a car loan. I’m currently paying $439 per month. I would like to knock some years off this loan. How much extra should I pay on this loan to make this happen?

The calculators at PowerPay will allow you to enter your balance, current payment, and interest rate to determine the time and cost for repaying a debt. (Use the additional payment calculator from the menu once you get to the PowerPay site). You can try various debt repayment scenarios and find one that works for you. Without knowing your loan interest rate and original loan balance, it’s not possible to figure this out for you.

But if we put in some …

What are the pros and cons of rent-to-own stores?

Rent-to-own (RTO) stores sell items such as furniture and appliances to consumers on an installment payment basis. RTO agreements usually consist of a rental contract that is renewed on a weekly or monthly basis. Usually, the terms are for 78 weeks or 18 months.

The customer has the option at the end of the rental period of whether to renew the lease or return the item. If the customer chooses to continue renewing the contract, payments continue to be made …

What is a penalty APR on a credit card?

Penalty annual percentage rates (APRs) are high interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late. Often these APRs range from 20% to 35%. Lenders increase borrowers’ interest rate significantly and profit from their mistakes.

As a result of the Credit CARD Act, the only way a credit card company can apply¬†a Penalty APR to an existing balance (i.e. purchases you have already made) is if you …

I think someone has stolen or is trying to steal my identity. What should I do?

  1. Contact the fraud departments of any one of the three consumer reporting companies (Equifax, Experian, or TransUnion) to place a fraud alert on your credit report.
  2. Close the accounts that you know or believe have been tampered with or opened fraudulently. Use the ID Theft Affidavit available from the Federal Trade Commission’s Web site www.ftc.gov when disputing unauthorized charges.
  3. File a complaint with the FTC. Print a copy of your complaint to provide important standardized information to the police.
  4. File