Wow! Sincerely Shocked!

cakelover_2

Just wanted to write a little post about my reaction to what I have just found out whatsthecost.com. When I get my credit card bill through this month (which should be in the next few days) I am guessing I will have around £2.5k to £3K on my credit card bill. I have never used the site before but came across it to see how long this amount will take to pay off when my interest rate goes up from 0% to 17% (balance transfers rate goes up soon but purchases in around 6 months I think, but I have calculated on it all going up now). My aim is to pay £100 a month and I thought well it will still take a while but £100 should be a decent hit every month. Then the calculator told me my minimum payment will be approx £90 a month and therefore by taking this up to £100 it will mean m card will take 105 months/over 8 years to pay it off!!! I am absolutely stunned, I cannot believe it! If this isn't an incentive to get debt busting more seriously I don't know what is. I was going to start doing extra things to get my debt down in January after the excitement of Christmas, but I think I will be starting a bit earlier now!

dfw123

I'm pretty sure that site is RUBBISH, in general terms! i just did mine and it told me 56 years... well i'll be drawing a pension then! haha! try to take one month at a time, and switch your balance to another 0% card once the 0% period has expired on this one.

Good luck x

DVardysShadow

dfw123 wrote: »

I'm pretty sure that site is RUBBISH, in general terms! i just did mine and it told me 56 years...

If you are paying a minimum and the amount is not much more than the monthly interest, you could well be paying for 56 years. Don't be so quick to dismiss the site...