Credit Card Chances

sfax

debtfreeby2013 wrote: »

Card balance at £2973 and the minimum payment is £67.70 but I am paying £150 a month but I calculate that to mean that it will take 2 years to get to £1200 balance

Are you sure? £2973 at 27.9% APR and payments of £149.50 per month will be cleared completely in 27 months. You'd need 19 months to get it to £1200

smithers1981

If its in your DAD's name then ask him to try for ONE more balance transfer, you only need 15months 0% paying £150 a month to be clear.

sfax

smithers1981 wrote: »

If its in your DAD's name then ask him to try for ONE more balance transfer, you only need 15months 0% paying £150 a month to be clear.

This is also wrong: £2973 will take 20 months at £153 including a 3% handling fee

debtfreeby2013

smithers1981 wrote: »

If its in your DAD's name then ask him to try for ONE more balance transfer, you only need 15months 0% paying £150 a month to be clear.

My mum actually said she would look at getting a 0% card in her name in order to do this. I can probably even pay more at certain times of the year (student loan) so could feasibly look to pay off £2973 within 15 months at 0%.

debtfreeby2013

sfax wrote: »

Are you sure? £2973 at 27.9% APR and payments of £149.50 per month will be cleared completely in 27 months. You'd need 19 months to get it to £1200

Oh really? Oops, my interest calculations are rubbish. I was thinking of it as a fixed rate as opposed to varying depending on how much I owe. Lol. :cool:

sfax

debtfreeby2013 wrote: »

Oh really? Oops, my interest calculations are rubbish. I was thinking of it as a fixed rate as opposed to varying depending on how much I owe. Lol. :cool:

I would just use an APR calculator like this one as you can see the total interest and a break down of where you are after n months

http://money.guardian.co.uk/calculator/form/0,,603119,00.html