Paying off debt and payment shock

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This topic contains 2 replies, has 3 voices, and was last updated by  Cheek23 4 days, 14 hours ago.

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  • #39923

    Ramona
    Member

    I thought I read somewhere that if we pay make an additional payment to pay off debt, it will be credited towards our payment shock. I was wondereing if I am recalling that correctly. For example, if my payment shock is $400 and we make an additional $200 towards a credit card, we will only have to save an additional $200 that month because the extra $200 credit card payment will be credited towards our payment shock. Can someone confirm this?

    #39955

    jamesw1518
    Member

    That’s what I was told to, as long as your statements show it. I’m not a counselor or anything though.

    #39957

    Cheek23
    Member

    The counselor can do that if they want to. Mine told me that but I don’t trust that because I can always go back and pay more later. I feel like they’ll come back later claiming my payment shock was short so I’ll just put any extra I can but not bother my payment shock savings. I just don’t have time for any surprises later.

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