OMG repayment calculator!! the truth...

leanne82duke

i just had a look at the repayment calculator,
i have a catalogue account with very i owe £1900 @ 39.7% apr this is what the calculator came back with.

Your first monthly payment will be £95. It will take you 164 months to pay off this debt if you only make minimum payments and you will be charged £2387.79 in interest charges. (that is 13 years by the way!!)

even my credit card which i owe £253 on @ 27.9% came back as
Your first monthly payment will be £6.33. It will take you 173 months to pay off this debt if you only make minimum payments and you will be charged £657.69 in interest charges.( that is 14 years)

anybody else had these OMFG moments?

If that doesnt make me put all my energy into clearing it i dont know what will!!!

DarkConvict

This is why Martin Lewis is campaigning (or was) for changes in minimum balence payments, and adding in the information about how long it will take + interest to pay it off. It is shocking.

poorandindenial

When I started clearing my debt, based on minimum payments, mine would have exceeded the life of the whatsthecost snowball calculator (100 years for anyone that wants to know)

leanne82duke

i think, i have finally had my REAL lbm!:idea:

i have always been thinking yeah pay it off quicker more money to me at the end of the month and sooner......

I never realised the full extent of it until i looked at that calculator.
If i would have looked at the snowball calculator a year ago i probably would have keeled over

Poosmate

Lol yeah, I think mine broke the snowball calc too!

My credit card statements state that it will take till the end of forever to pay my debt my making minimum payments and will cost more.

I think rather than raising the minimum payments, more should be done about promoting over payments - maybe Martin could make a tv ad! lol.

Poo

savingmummy

I had catologue debts and this is what made me sort it quick!!
I never paid min payment always piled what i had into them, took alot of work and being strict regarding money but i did it!
Good luck x

DeeDeeinDooDoo

What does OMFG mean? If it means what I think it means then I for one am offended and would prefer it if people didnt use terms like that on a public forum.

mum2one

It is a shock when you put these figures in, thats how credit card companies make their money, and can frighten the heck out of you. xx

Moneytroubles_2

Hiya, I did a snowball calculator when I first joined the site last year and my debt free date was about 10 years away, to be honest it just spurred me on to get rid of it as I couldnt bare the thought of still living like this in 10 years time.

Also my catalogue is 44.9% and when I joined the site it was about 1400 ish (this was last august) its now down to £630 as I make a payment a day, I understand not everyone can do this but when I say payment a day i mean 1 or 2 pounds, and then the requested minimum payment on the set date.

Good Luck xxx

miss_missy

hi
yes its quite a shock sometimes when you see what the snowball calculator throws at you but just because it says what it says doesnt mean it has to be and thats the point its great for giving you a shock to get into action
if you can pay off your credit card asap and its a one where you can get a deal to transfer money to i would do this what card is it? whats its limit? do you have any other credit cards?
if not i would pay very off with your credit card to get it on to lower interest rate if you have have a big enough credit limit and start hammering away at that