How long to pay off debts?

pollyorange

Hi, I am sat here looking at my credit card statement (I transferred 3 cards to one 0% card with a view to keep changing to 0% cards if possible)

The balance was: 12,278.76
Paid minimum payment: 368.36
Current Balance: 11,910.40

How long will it take me to pay off this card (assuming I can stay at 0%!) if I pay minimum payments each month? If I can afford to pay extra I will, but am still trying to work out how to do a spreadsheet and budget!!

I just wondered how long it takes on average to clear a debt!

Cheers!

Kimberley

Hmm well i'd start with doing your sums, divide your minimum monthly payment by what you owe and that is how many months you have left. It also depends on how long the 0% is for.

MPH80

174 months if you pay the min payments.

33 months if you keep paying 368.36.

All assuming it's a 0% card all the way.

M.

P.s. All figures from https://www.whatsthecost.co.uk

pollyorange

Thank you! Thats a brilliant website!! Puts it into perspective how much just paying a little extra makes all the difference too!