How to work out how long until card paid off?

matilda.cs

Hi all,

Is there a way (or online calculator) that will tell me how long I'll be paying off a credit card for, before its cleared?

I.e
I have a Vanquis card with £1434 debt of £1500 available @ 39.9% (this month was a £65 minimum payment)
Supposing I commit £70 a month until the debt is totally cleared, how long until its paid? (I understand minimum payments are rubbish)

I have a few cards, but once I know the formula I'll be able to do those myself.

It doesn't seem that easy to do as after a year, I'll have made £700 in payments, and I'll therefore be paying more towards the debt than to interest...

Thanks

gallygirl

Try http://www.whatsthecost.com/snowball.aspx

According to that, £70 a month would give you a debt free date of May 16. If you register on the site you can save your details and log in every month to see your progress, and if you can pay more you'll see the debt free date come forward :T.

Good luck!

nearlyrich

The great thing about the calculators you have been pointed to is you can put in all your debts and do what ifs ..really helps to see the big picture..good luck

mjm3346

Don't forget the MSE one

http://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card#calc

matilda.cs

gallygirl wrote: »

Try http://www.whatsthecost.com/snowball.aspx

According to that, £70 a month would give you a debt free date of May 16. If you register on the site you can save your details and log in every month to see your progress, and if you can pay more you'll see the debt free date come forward :T.

Good luck!

Amazing. Thanks x