minimum repayments calculator

STANTHEGANDER

hi guys
i have credit card debt of £600000 i know!! i just used martin's minimum repayments calculator and i was wondering if i was reading it correctly i inputed 60000 with a fixed payment of £2000 a month and it said i could repay my cards in 3 years 5 months , im taking it that the £2000 a month includes any repayments due on the cards? or would i have to pay £2000 a month on top of the normal repayments to the cards? thanks for your help

STANTHEGANDER

sorry guys it should have been £60000 not £600000!

Tixy

That sounds about right £2k for 41 months would be £82000 so if your interest rates are are 20% that would work out about right.

If you have difference cards with different aprs maybe look at the snowball calculator at whatsthecost.com

STANTHEGANDER

thanks! i had a look at whatsthecost.com but i could only put in one card are there other sites out there that let you put a number of cards in with different rates?

Tixy

http://www.whatsthecost.com/snowball.aspx
On the drop down list at thetop of the first box drop from 1 debt to how ever many you have.

STANTHEGANDER

hello again tixy thanks
also i was wondering i have an if credit card with a balance of £11500 and a balance transfer rate of 12.5% would it be worth my while to pay the extra every month to this card say £700 and transfer the £700from a higher rate card at 26% to this card would this have any benefit or would i just be better paying the higher rate card in the first place?