Petition Closed
28
Supporters

Debt is big business in America. Credit card, mortgage and student loan companies profit from the interest rates they charge their users. Because of this, it is in their best interest to make it inconvenient for the debt to be paid off early. Currently, most lenders apply extra payments to interest and then put the loan into "paid ahead status", rather than toward paying down the principal. I urge you to sign this petition so that lenders are required to put a simple option on their website for borrowers to indicate where the extra payment should be applied (to principal or to pay the loan ahead). After all, it's our money and should be our choice! (Picture courtesy of Meagen Ridley on blogspot)

Letter to
Chief Executive Officer Mortgage, Credit Card and Student Loan Lenders
Include more electronic payoff options so that consumers have the option to apply extra payments to the principal of the debt.