Interest

8pnoodles

Havig recently started my serious debt reduction asap crusade, my brother was asking how much interest I am paying every month as part of my minimum repayments.

I can't remember the exact figures now but on my loans and credit card balances it's only around £2 a month, but for my egg loan, I'm paying about £50 (can't remember the exact figure) every single month in interest alone!

That really shocked me as my APR on the loan is only 7.9%. And I owe £6210. Can't wait to start getting my debt down some more, I'm spending £50 a month, every single month, on nothing!

Callisto

You're in the right place to be reducing your debts

It's shocking isn't it the amount of money the lenders make off people... I've got down to just one credit card now with £2400 owing (did have three at one point). I was doing really well not using it, but I've had to use it twice in the last month as I've been unemployed. Luckily I've now got a temporary job until Christmas, so hopefully can get a bit more paid off the card!

Good luck with your money saving!

Robert_Sterling_3

8pnoodles wrote:

for my egg loan, I'm paying about £50 (can't remember the exact figure) every single month in interest alone!
That really shocked me as my APR on the loan is only 7.9%. And I owe £6210. Can't wait to start getting my debt down some more, I'm spending £50 a month, every single month, on nothing!

Balance £6210 interest rate per annum 7.9%
Total interest about £490
Monthly Interest about £41