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How long to pay off debts?

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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!
Lightbulb Moment - November 2005
Total Joint Credit Card Debt Nov2005 = £19,423.48
My personal Debt @ Nov05 = £12,049.27

My personal debt in May 06 = £10,866.40

Comments

  • Kimberley
    Kimberley Posts: 14,871 Forumite
    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
    MPH80 Posts: 973 Forumite
    Part of the Furniture Combo Breaker
    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
  • Thank you! Thats a brilliant website!! Puts it into perspective how much just paying a little extra makes all the difference too! :D
    Lightbulb Moment - November 2005
    Total Joint Credit Card Debt Nov2005 = £19,423.48
    My personal Debt @ Nov05 = £12,049.27

    My personal debt in May 06 = £10,866.40
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