Whats The Cost

raq

Morning

Not sure if I calculated correctly on "Whatsthecost.co.uk", but can someone inform me on the following

3 credit cards on the following

card 1 £3,650.00 26.9:mad:
card 2 £2,200.00 29.9:mad:
card 3 £2,400.00 1.385% ( this states on the statement per mont


I am currently paying £78.00 a month on each of them. I cannot pay anymore until the next 2 months. If I pay £100.00 on each of them per month how long am I looking at until they are all clear.??

Myself and oh was running through our financial affairs on the weekend and I must admit I have had sleepness nights but this is all we have, although it's too alot and it won't go away. Oh and a £1,000.00 overdraft which we are paying off slowly at the moment.

Thanks

SunderlandBlackCat

You need to say what the minimum repayment allowed on each card is & also find out what the APR on card 3 is. The rate you've quoted looks like a monthlyy rate rather than APR. I've forgotten the formula for converting it but will probably be between 15 & 16 %.

You'll also need to include the overdraft interest rate.

Is there any room on the lower rate card to transfer any money from the higher rate cards onto? If you can do that it will reduce what you get charged in interest in the long term?

raq

SunderlandBlackCat wrote:

You need to say what the minimum repayment allowed on each card is & also find out what the APR on card 3 is. The rate you've quoted looks like a monthlyy rate rather than APR. I've forgotten the formula for converting it but will probably be between 15 & 16 %.

You'll also need to include the overdraft interest rate.

Is there any room on the lower rate card to transfer any money from the higher rate cards onto? If you can do that it will reduce what you get charged in interest in the long term?

Thanks for this info.

No room left on the cards, maxed out as they say.

£1,000.00. they charge you for what you use. Looking at my statements it has been between £7.50 and £8.50 per month.

Card 3 is 16.9%

KatrinaC_2

Guessing that you have maxed out your overdraft and that the interest is at about 9%, and giving you £400 to pay all of your debts with, I get it to be 30 months if you snowball correctly - i.e. making minimum payments on your overdraft and cards 2 and 3 until card 1 is paid off. Then paying minimum on card 3 and overdraft using the rest for card 2, then paying the most on card 3, then paying back the overdraft.

Kat

raq

KatrinaC wrote:

Guessing that you have maxed out your overdraft and that the interest is at about 9%, and giving you £400 to pay all of your debts with, I get it to be 30 months if you snowball correctly - i.e. making minimum payments on your overdraft and cards 2 and 3 until card 1 is paid off. Then paying minimum on card 3 and overdraft using the rest for card 2, then paying the most on card 3, then paying back the overdraft.

Kat

Thanks for this info. I have actioned a spreadsheet this morning to stick to. Will be showing o.h this evening. I only wish I can pay more this month but unfortunately it is very tight as it is.