We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Understanding credit card minimum payments
climbintheladderouttadebt
Posts: 401 Forumite
in Credit cards
I'm curious about calculations for the minimum payments on my credit card, I'm sorry if I'm asking something obvious or repeated!
Basically, upon going over my statements since 2007 when the account was opened, my minimum payments each month are calculated by adding that months interest plus the ppi due - is that normally how it's worked out? I thought it was a % of what your balance was...
So looking at my statements, my balance never really went down much, even though min payments were approx £13 and I paid £20.
Am I just being thick or is this a bit suss?
Thank you for any clarity put on this!
Basically, upon going over my statements since 2007 when the account was opened, my minimum payments each month are calculated by adding that months interest plus the ppi due - is that normally how it's worked out? I thought it was a % of what your balance was...
So looking at my statements, my balance never really went down much, even though min payments were approx £13 and I paid £20.
Am I just being thick or is this a bit suss?
Thank you for any clarity put on this!
I've got nothing else but I've got my family.
Mum to Moo age 6, Wills aged 3. 2nd wedding anniversary 11/13! :j
Mum to Moo age 6, Wills aged 3. 2nd wedding anniversary 11/13! :j
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.6K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards