Credit Card, Reduced Balance, Increased Interest, How?

[Deleted User]

Can anyone tell me how my interest increases when I have been paying extra off my credit cards.

This is what has happened;

November 2011

0.43 + 29.51

December 2011

0.69 + 30.53

January 2012

0.71 + 31.15


So as you can see the interest is increasing, but I have been making the minimum payment and more...

Thanks

Angry_Bear

Your statements should give the interest rates being applied. Do they? (And have they gone up?)

[Deleted User]

No changes in rates, I am really lost now. . .

Angry_Bear

Are your minimum payments enough to cover the interest - is the overall debt reducing?

I can't really work out what's going on in your first post (could be a lack of caffeine thing). What is the 0.43 and what is the 29.51?

It would be easier if you give a concrete example of: amount of debt on card, interest rate, min payment, actual payment. But that might be too private for you to want to post

[Deleted User]

SORRY THIS WAS NOT IN RESPONSE TO THE ABOVE

Thick or what :-( lol
It is because the statements are monthly, even though they are not produced like this, they cover days in the month, hence the amount of days change :-/

Oh well at least I know now.

[Deleted User]

Angry Bear, sorry I should have said they are applying two amounts, I don't really know why, but now I know why it's changing, I just thought they charged every 28 days or so, but apparently not lol. Thanks for your help anyway.