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What is your overall debt APR% - For number lovers everywhere!! :D
Little_Miss_Uni-Debt
Posts: 844 Forumite
Aft'noon all!
Not sure if anyone else likes working out 'interesting'
details regarding their debt. However today I wanted to compare scenarios - my debt now and how it would look if I took a balance transfer card at 4.9%
However the snag was it's quite hard to work out how much you will save when fees etc are taken into account.
I now know that it will take 5months before the card makes me a saving!!! It will probably only save me £24.14 over all as I plan to pay this off within 6months.
During this working out I was shocked to find that a LOT of my minimum payments don't even cover the monthly interest! :eek: It's a good job I don't listen to the CC companies and pay a set amount off each month!!
I worked out that each month my debt is increasing by £97.91 !!!
I had no idea it was this much (It's quite a lot on a £4k debt!) This worked out at 27.64% APR.
When compared to the Balance Transfer card I could see instantly my debt would only be going up by £73.77 per month which is over all 20.22% APR. But when I take into account the 'cost' of the card there is very little saving at all!
Quite useful I think!
I'd like invite people to work out how much their debt is increasing by each month and to see if anyone has worked out their overall APR%.
It's a bit of an eye opener for those in need of motivation!!!
I'd like to get a general idea of what other peoples APR% are and if you think 20% overall is high?
I now have a little spreadsheet that works it out for people if they want a copy!!
Thanks! Lil Miss.:A
Not sure if anyone else likes working out 'interesting'
details regarding their debt. However today I wanted to compare scenarios - my debt now and how it would look if I took a balance transfer card at 4.9%However the snag was it's quite hard to work out how much you will save when fees etc are taken into account.
I now know that it will take 5months before the card makes me a saving!!! It will probably only save me £24.14 over all as I plan to pay this off within 6months.
During this working out I was shocked to find that a LOT of my minimum payments don't even cover the monthly interest! :eek: It's a good job I don't listen to the CC companies and pay a set amount off each month!!
I worked out that each month my debt is increasing by £97.91 !!!
I had no idea it was this much (It's quite a lot on a £4k debt!) This worked out at 27.64% APR.
When compared to the Balance Transfer card I could see instantly my debt would only be going up by £73.77 per month which is over all 20.22% APR. But when I take into account the 'cost' of the card there is very little saving at all!
Quite useful I think!
I'd like invite people to work out how much their debt is increasing by each month and to see if anyone has worked out their overall APR%.
It's a bit of an eye opener for those in need of motivation!!!
I'd like to get a general idea of what other peoples APR% are and if you think 20% overall is high?
I now have a little spreadsheet that works it out for people if they want a copy!!
Thanks! Lil Miss.:A
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