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How long to pay off Credit card
Empty_pockets
Posts: 1,068 Forumite
in Credit cards
Is there an interest calculator on the site...couldn't see it.
Can anyone help with giving me an idea of how long it will take to pay off a credit card? I can work it out on a fixed rate but want to calculate it more accurately with the decreasing interest payments.
Current balance £11487
Regular payment £350
Purchaces 1.385%pm
Cash 1.805%pm
Not sure how much is cash purchases but the charges last month were
Purchaces £140.58
Cash £27.80.
Can anyone make sense of this and give me an idea of how long it will take to clear the full balance?
Thanks
Can anyone help with giving me an idea of how long it will take to pay off a credit card? I can work it out on a fixed rate but want to calculate it more accurately with the decreasing interest payments.
Current balance £11487
Regular payment £350
Purchaces 1.385%pm
Cash 1.805%pm
Not sure how much is cash purchases but the charges last month were
Purchaces £140.58
Cash £27.80.
Can anyone make sense of this and give me an idea of how long it will take to clear the full balance?
Thanks
0
Comments
-
On a debt of just over £11,000 paying each month £350 and taking the highest monthly purchase rate of 1.805%, then it should take about 4 1/2 years and cost about £6000 in interest.0
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