Advice please again..

daisy1981

I have been lucky and had a little payout so what I got I put on my Egg card it was 3500 but I now owe around 1700 i have some more money due to come in around £300 and I want to pay it on a debt but was wanting to know what you would do I can either clear a store card I have which would save me £40 a month OR put it on egg which will bring that down a bit.... also

does anyone know how I could work out what y minimum payments are going to be now as when my balance was 3500 I was paying them 94pm but it did differ and around 55-60 interest....id love to know if there is anyway of working out if i carry on paying them say 100 pm how long it will take me to clear 1700?

thanks in advance sorry for all the questions

Tixy

Hi

What is the APR on the store card? what is it on the egg card? I would expect the store card to be highest so would suggest you pay that off with the £300.

If you know the APR then you can use this calculator to work out how long it will take you to pay off the debt - http://www.whatsthecost.com/snowball.aspx
eg if the APR was 19.9% it would take 20months paying off £100 per month.

I thought egg was a minimum repayment of 2% of the balance, but yours may be different if you were paying £94 on £3500 thats around 2.7%

You might want to use that link above to put in any other debts you have to work out the best order for repaying them all.

daisy1981

My interest rate on my storecard is not that bad it says current monthly 1.313% or 16.9% current APRS are says my interest next month will be £6.57 I pay £40 but my minmum payment is around£26.00

but on my egg I owe 1729.55 and the APR is 21.9 im not sure how to work it out im not great with working things out so confusing

daisy1981

well if I did it right my credit card is going to take me 21 months to pay off ??

Tixy

If you want to minimise your interest then pay the £300 off the egg card, but some people prefer to clear and close one account and then focus on the other bigger debt, snowballing the £40 you pay to the small debt to start paying that towards your larger debt.

Can you afford £140 total repayments or £100 in total?

Tixy

daisy1981 wrote: »

well if I did it right my credit card is going to take me 21 months to pay off ??

That sounds about right. Thats not too long, especially if you can either add in the £300 repayment or can increase you repayments once the other card is paid off.
Or think of other ways to free up money or make money to make extra payments when you can afford to do so.

daisy1981

Yes if I pay the storecard I could put the 40 onto the creditcard so i will 140pm but i would like to know what my minimum payments would be now I paid some off the credit card it was 3529 i got it down to 1729 not sure if id be able to work that out? or i will have to wait till my next statement

daisy1981

thankyou for your help..im trying to sell things on ebay which is helping

Tixy

Well if the minimum repayment is 2% of your balance (and it is on new credit cards) then it would be likely to be £35.
However if its 2.66% (because £3529 x 2.66% would be the £94 you say you used to pay) - then it could be £46 quid.

You'll know for certain when you get the statement but that gives you an idea.

daisy1981

ok thankyou