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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Thank you Martin
oopalah
Posts: 396 Forumite
Hi, I'm a newbie to this board and am not sure if this is the right place for my post, but just wanted to thank Martin for turning my life around.
Just over a year ago I was listening to the Jeremy Vine Show and Martin was on talking about credit cards. At the time I owed £10,190.81p on 9 credit cards. I heard Martin saying something like "If you only pay the minimum payment each month on £5,000 of credit it will take you 81 years to pay it off!! Well, it might not have been 81 years - it was a year ago and my memory is not as good as it was - but it was certainly a very long time. Anyway, this was my lightbulb moment, as I had been doing exactly that - paying the minimum amount.
So, I want to tell Martin that his shouting at me worked and I have got my debt down to £7,178.26p and hope to be debt-free by July 2008 (Hurrah!!)
:A :beer:
Just over a year ago I was listening to the Jeremy Vine Show and Martin was on talking about credit cards. At the time I owed £10,190.81p on 9 credit cards. I heard Martin saying something like "If you only pay the minimum payment each month on £5,000 of credit it will take you 81 years to pay it off!! Well, it might not have been 81 years - it was a year ago and my memory is not as good as it was - but it was certainly a very long time. Anyway, this was my lightbulb moment, as I had been doing exactly that - paying the minimum amount.
So, I want to tell Martin that his shouting at me worked and I have got my debt down to £7,178.26p and hope to be debt-free by July 2008 (Hurrah!!)
:A :beer:
Sealed Pot challenge #59
SPC5 total £473.60
0
Comments
-
Hi and welcome to DFW! Only new here myself but you are in the right place to get that debt free date even closer. Well done on your progress so far.0
-
Hello & welcome to the board.0
-
Well done on that LBM, I've been around these boards for 2 years and only had my LBM in October!
We had been paying the minimum payment on a card and the interest was £5 less than the payment, therefore we were paying off just £5 a month!“A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey0 -
Hi & welcome to MSE
Great news that you have had your LBM.
Go girl go!I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0 -
Hello oopalah, welcome to MSE x0
-
Well done! (And welcome of course!)
Wow July 2008 vs 81 years.......tough choice huh?
Bank Balance: In the black for the moment.
Sainsburys Loan: Cleared July 2010
Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
0 -
Well by my calculations!
If you had £10,190.00 on a card that charged 12.9% APR and you only paid the minimum 2% a month it would take you 38 years and 6 months to pay it off and you'd pay £11,179.00 in interest! :eek: 0 -
Welcome to MSE oopalah. Well done on you good work so far ... keep it up :-)0
-
Credit Card Rates and Time taken to
Payoff £1000*
Monthly% APR% Time
1 12.68 22y 6m
1.1 14.03 23y 9m
1.2 15.38 25y 1m
1.3 16.76 26y 7m
1.4 18.15 28y 3m
1.5 19.56 30y 2m
1.6 20.98 32y 4m
1.7 22.42 34y 10m
1.8 23.87 37y 9m
1.9 25.34 41y 2m
2 26.82 45y 4m
2.1 28.32 50y 4m
2.2 29.84 56y 8m
2.3 31.37 64y 9m
2.4 32.92 75y 7m
2.5 34.48 90y 9m
2.6 36.07 113y 6m
2.7 37.67 151y 4m
2.8 39.29 227y 2m
2.9 40.92 454y 6m
*Assumes minimum payment of 3% per month0 -
Wonderful note.
Just added 'update Danger Minimum payments' article to my To do list because of it
MartinMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards