I purchase a motorcycle on late 2007, its been like a year and a half and i noticed i havent really paid anything off. Im was paying only the minimum so i can build up my credit since this is my first big purchase. I havent missed any payments and found out my interest rate was 17%. Last time i paid $100 and they took $48 on interest and other charges. I googled them and found out a lot of ppl have had the same problems. I dont know what to do. Should i take a personal loan with a low fixed rate and so i can pay off my motorcycle and then just pay off my loan. Because pretty much half of the money i give HSBC they take it on interest. Any suggestions on what I should do?
      Answer1:Always pay more than the minimum. Of course youre making payments but the minimum amount due pretty much just covers the interest for the month. So your balance barely goes down. Check this web site out! I really liked it because it puts everything in laymans terms and helps you understand how these finance companies work. And it also gives you advice on how and what to do. HSBS isnt the problem its finance companies in general. So hope this helps!
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