Studio payment help.

matphil

Hi.
I have a Studio statement that needs to be paid tomorrow it is for £56.69.
What I would like to know is if I only pay the minimum payment of £10 this month how much extra will they add onto my next statement.
Thank you.

Sillychuckie

impossible to calculate without knowing the interest rate.

matphil

APR 39.8%. Also service charge of 2.6% if you choose to pay monthly.
Thank you.

tawnyowls

I make that out to be 5.91% per month, so that should be £2.75, thus you'll actually only be paying off £7.25. Be very careful - this mightn't sound like much, but it's exactly the sort of thing that can snowball. If you have an authorised O/D at your bank, you'll be paying a lower interest rate and avoiding that service charge.