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Minimum Payments on Credit Cards

Lindylou54 · 2006-06-02 12:05:37

Last November I took out a Virgin Credit Card which stipulated that I had to repay 2.5% of what I owed per month, however after the first month, the minimum payment was £5. Initially I paid off £100 plus per month, until I started throwing all possible funds to a MBNA credit card to pay it off. However, I am now looking to…

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wiggers Posts: 115

Forumite

4 June 2006 at 7:28PM

Fair enough if you have a 0% account, which I happen to have one of myself. But the point of that scheme is you should have the money available to pay it off in full invested elsewhere. The original poster says they are struggling to make even the minimum payments, let alone pay it off in full. My point was in relation to the normal cards with ludicrous amounts of interest.

If your outgoings exceed your income, your upkeep will be your downfall.
-- Moe Howard of The Three Stooges explaining economics to brother Curley
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Minimum Payments on Credit Cards

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