help with whatsthecost.com

Vikkii

Hi there

I am trying to do the credit card calculater on whatsthecost.com but I have no idea how you work out what your minimum payment is as a percentage of the balance?:huh:

Would anyone be able to explain in 'dummy' terms please, as maths clearly isn't my strong point

Thank you

katenut

Hi, its a while since I set my snowball up but I seem to remember having to look through all the small print on my statements to find out the minimum payment percentage if this helps?

Vikkii

Thank you.

I found the minimum payment rate on the back of my Mint statement -apparently it's going to take 116 years to pay off! :eek: And that's just one of the 3 cards I have

Have looked but can't find the rates for the other 2 cards, but no doubt it'll be equally as horrendous

Oh well, here's to the long haul!

DarkConvict

That sounds like your on interest only.

When the min payments are too low (below interest), the numbers spiral so quick the calculator dies due to big numbers

Just messing with it,
£10000 @ 33%, paying £268 a month, takes 666 months,
£10000 @ 33%, paying £268.10 a month, takes 309 months,

Vikkii

The Mint balance is £4046.24 - monthly interest rates are:
1.527% on £2,522.07 and
2.075% on £1,524.17

I'm paying the minimum amount of £90 a month (of which over £70 is interest! :eek:) I did ring them the other day to say I was having difficulty and it seemed the balance would never go down and could they freeze/lower the interest rates, but their reply was "sorry we're unable to help you at this time":(

The other 2 cards are nearly £3K each.

Looks like I'm in a deep pile of steaming brown stuff [looks for the roll eyes smiley but can't find it]

Numpty_Monkey

Ain't the minium repepayment great:mad::mad::mad::mad::mad::mad:

Martins min repayment calc is a scarey thing
http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

and normally credit card crooks, pay the money to the lowest intrest earning balance first :mad::mad::mad:
and with other T&Cs screw people
Someone posted a while ago that to get Yearly APR on a credit card
Multiply by 13:huh: and a bit:o (don't ask me it was a long post and full of numbers)

GeorgeUK

Your APR's:
1.527% pm
1.527 as a number = 0.01527
add 1 to calculate on whole number = 1.01527
12 months in a year so 1.01527^12 = 1.19944
Subtract the 1 that you had added = 0.19944
0.19944 as a percentage = 19.944% (19.95% APR)

2.075% pm
as a no. = 0.02075
add 1 = 1.02075
per year = 1.02075^12 = 1.279478
subtract 1 = 0.279478
as a % = 27.9478% (27.95% APR)

Have you tried to get a new 0% credit card?

Vikkii

Thanks for that

0% credit card? Would love to only my credit rating is shot to pieces

Already been turned down by 2 lenders for remortgaging, even tho we have over £100K equity in the house.

So I'm scared to apply in case it damages the rating even further, altho not quite sure how much worse the rating could be!

I do have a loan finishing in December, which will free up £160 a month, it's just getting to December which is going to be a real slog.

Thank you for your replies, I am an avid reader of this board, I just don't usually post, bit nervous!

jackwalks

thank you very much

Little_Miss_Uni-Debt

Hi,

Don't be nervous about posting, everyone is really helpful (as you can see by all the speedy responses )

I looove using the snowball calculator. Have you got your debt-free date for paying off your cards yet?

Min payments are normally around 3% of the balance but they can be found (with eagle eye-sight) in the T's & C's. OR you can take 1 statement and work it out based on how much they recommend you pay that month.

'Current Balance' divided by 100 = 1% FIG1
'Banks Recommended payment' divided by FIG1 = Min Payment % rate.

If you post the number of cards their, their balances, limits, and minimums also what you can pay off each month in total then we can see how soon it all can be gone and give you your debt-free date! :-)

Vikkii

Hi there

Thank you, I am already seeing what a friendly and helpful board this is.

I'll sort out the details of my cards at the weekend and be prepared for the horror, DFD is well into the next century I think! :eek: