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How can I work interest out?
Moneytroubles_2
Posts: 938 Forumite
Hiya -
My VERY catalogue's current balance is £480 and the interest is 44.9% - deadline for this months payments are today and I am just wondering what the balance will be next month with interest added on, is there a way I can calculate this?
Thanks in advance xx
My VERY catalogue's current balance is £480 and the interest is 44.9% - deadline for this months payments are today and I am just wondering what the balance will be next month with interest added on, is there a way I can calculate this?
Thanks in advance xx
:j6 debts cleared since joining MSE:j
:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek:
:smileyheaGetting Married 04.12.10 - The MSE way :smileyhea
:dance: Making this house a home :dance:
0
Comments
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(480 x 0.449)/12 = one month interest
£17.96 in on month
44.9% is huge!!! can you not move this over to a credit card on lower interestBank Loans: [STRIKE]£25000[/STRIKE] £0- Barclay Card 14%: [STRIKE]£2500[/STRIKE] £0- Student Loan: [STRIKE]£12,500[/STRIKE] £0
Current total [STRIKE]£40,000[/STRIKE] £0:j (100% PAID OFF)0 -
aw, thanks so much for that! at least it will still be in the 400's then which is what I was aiming for.
44.9% is huge, but i dont have a credit card, and wouldnt be able to get one at the mo, and OH's cc is maxed out. I just keep paying something off everyday! I get a 'free' payday in april as i get paid 4 weekly so hoping to clear whats left then xxxx:j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0 -
http://www.whatsthecost.com/snowball.aspx
For some perspective, see the snowballing below (£5 a month paid)
Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
WOW that is such an eye opener! thanks so much for posting - I really hate to think how much money I threw away before LBM on minimum payments - grrrrrrr - anyways onwards and upwards now
XX :j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0 -
Oh my goodness, just used the snowball calculator to work out when virgin cc would be paid off based on minimum payments and its Feb 2016!!! Its so scary!!! xxxx:j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0
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This is why Martin campaigned for better guidance on minimum payments.
http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card
There was a statement that he wanted all cards to show that if you made the minimum payments how long it would take and how much interest you would pay. The average time it takes to pay off credit cards on min payment means you will be close to retirement before they are paid, that if you take them out in you mid 20's!Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
In a way I am glad I had my LBM when I did, I am 24 this summer and just think yeah its poo to be in debt, but I was lucky to realise sooner rather than later, I wouldnt like to think I was still tackling this in years to come xxx:j6 debts cleared since joining MSE:j:eek: Remaining debts... Very / Halifax Loan/ A&L / Virgin cc / Lloyds / Sister :eek::smileyheaGetting Married 04.12.10 - The MSE way :smileyhea:dance: Making this house a home :dance:0
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OMG i thought mines was bad at 39-9%
they upped the interest to that on as soon as i asked for reduced payments but after a few months CAB managed to get interest stopped0 -
Yep, martin has a guide about stopping rate increases - http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increasesAlthough no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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