Vanquis charges

silentkiller

its 39.9%. At the moment the balance is £498.84

YorkshireBoy

silentkiller wrote: »

its 39.9%. At the moment the balance is £498.84

If it stays this way you're going to be over your limit again on your next statement date when they add the interest.

intranicity

silentkiller wrote: »

its 39.9%. At the moment the balance is £498.84

Minimum payment (3.5%) would be about £17 a month on that balance.

BUT, doing this would mean that if you Just paid the minimum every month

It'll take you 511 months (that's over 42 years) to pay back £500 if you only pay the required minimum of 3.50%. Over that period of time, you'll pay an additional £4,215.47 in interest.

If you could aford to pay an extra £10 a month towards your credit card debt, it would mean you'd repay it in 43 months (just over 3 years) and you'd save yourself £3,869.63 in interest. In fact, if you could aford an extra £25 a month, you'd repay it in 19 months and save £4,073.67.

Totals (paying minimum of 3.50% per month):
Original debt £500.00
Time to clear debt 511 months
Interest charged £4,215.47
Total paid £4,715.47

silentkiller

I am going to spend £50 a month on each of my credit cards (Perhaps more on the £1000 one).

Saints2011

You need to clear these cards quickly