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does anyone know if it takes 40 years...?
POSSETTE
Posts: 1,474 Forumite
in Credit cards
I read somewhere on here that Martin does a statement that shows if you have a balance of say..£1000 on a ,say,14% card, that it will take something like 40 years to pay it off using the minimum payment allowed.These figures i just quoted were made up as i cant remember the actual ones..Does anybody know.
Martin also mentioned it on Radio 2.
Only i want to show these facts to my friend whom i am desperately trying to help get out of debt.
Cheers everyone:money:
Martin also mentioned it on Radio 2.Only i want to show these facts to my friend whom i am desperately trying to help get out of debt.
Cheers everyone:money:
TO FINISH LAST, FIRST YOU HAVE TO FINISH....
0
Comments
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well an APR of 14% will only take 8 or so years but with the latest rates of 25% becoming common you're looking at 24 years
but see
http://www.whatsthecost.co.uk/creditCard.aspx0
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