Never the minimum payment

david_hellier

The following table shows how much interest you pay and the time taken to pay back £1000 borrowed on a credit card paying back the greater of £5 or 3% per month:

monthly% APR% Time Total Interest£

1 12.68 11y 1m 490.93
1.1 14.03 11y 6m 544.93
1.2 15.38 12y 1m 627.18
1.3 16.76 12y 8m 718.86
1.4 18.15 13y 4m 821.88
1.5 19.56 14y 1m 938.45
1.6 20.98 15y 0m 1071.47
1.7 22.42 15y 11m 1224.44
1.8 23.87 17y 1m 1402.70
1.9 25.34 18y 5m 1612.80
2 26.82 20y 0m 1864.30
2.1 28.32 21y 11m 2170.94
2.2 29.84 24y 3m 2553.00
2.3 31.37 27y 4m 3043.14
2.4 32.92 31y 3m 3693.72
2.5 34.48 36y 10m 4602.18
2.6 36.07 45y 0m 5959.51
2.7 37.67 58y 6m 8211.90
2.8 39.29 85y 3m 12699.05
2.9 40.92 164y 5m 26099.39

Shineyhappy

It is pretty scary to see that and I am guessing that doesnt incude some sort of insurance.

My ex OH had about 100pounds on his Barclaycard and he had the minimum paid on DD. I used to get so annoyed as he paid five pounds but after the insurance had been paid on it the balance only went up!! :eek: