I applied for a loan over 2 years ago for over $10,000, and my required monthly payment was roughly $400 a month. I've made my payments every month, and yes I've been a little late here and there, but for some reason only $1000 has been applied to my balance, while the other $8,600 has gone to interest. At this rate I'll finish paying this loan off in 18 years and would have spent over $38,000 just to pay off my balance. Even if I put down $600 a month (which is the most I can afford to pay without dying of starvation) it'd still take almost 4 years.
Is this legal? It didn't bother me at first, but now that I'm in my mid 20's, and thinking about my future (ie. having a wife and kids) it's really starting to be a damper on life. I can't even enjoy a meal without thinking "if I eat this sandwich, will I have enough to pay of citifinancial"?
Does anyone have any advice as to what I can do? Any help would be greatly appreciated.
Review about: Citifinancial Loan.