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Why is my balance increasing?
Supadupa
Posts: 104 Forumite
in Credit cards
Hi all,
I have a Barclaycard and I'm confused. I have a rather large balance approx £8600, I'm making the minimum payments currently in the hope of paying more in the future. I'm not using the card anymore and yet my minimum payments are increasing each month and my balance is going up. I assume the minimum payments are not covering the interest - is this the case with Barclaycard? I thought I would at least be chipping away at the balance albeit very slowly.
Can anyone advise?
Thanks
I have a Barclaycard and I'm confused. I have a rather large balance approx £8600, I'm making the minimum payments currently in the hope of paying more in the future. I'm not using the card anymore and yet my minimum payments are increasing each month and my balance is going up. I assume the minimum payments are not covering the interest - is this the case with Barclaycard? I thought I would at least be chipping away at the balance albeit very slowly.
Can anyone advise?
Thanks
£10 a day challenge
£100.16/£310
£100.16/£310
0
Comments
-
Yes, likely your interest is higher than your minimum payment.
What's your APR and how much is your minimum payment.
Have you tried to balance transfer it to a 0% or low(er) rate card?0 -
I'm not sure about that, because usually the minimum payment would be 1% plus interest, or £5, whichever's greater. So you should still be chipping away at it.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Hi, thanks for that. I believe the APR is 26% and the minimum payment is 3%. I'll look into switching cards, not sure I'll get one but even if I can transfer some of the balance that would help.£10 a day challenge
£100.16/£3100 -
Absolutely: Read summary boxthebritishbloke wrote: »I'm not sure about that, because usually the minimum payment would be 1% plus interest, or £5, whichever's greater. So you should still be chipping away at it.
I am pretty sure it's the same for all their cards, and I believe there is some legal requirement for this. The interest and the min payments can vary slightly because of the different numbers of days in months.
@Supadupa
Stop making assumptions and check your Summary Box and your statements at last.0 -
Hi all,
I have a Barclaycard and I'm confused. I have a rather large balance approx £8600, I'm making the minimum payments currently in the hope of paying more in the future. I'm not using the card anymore and yet my minimum payments are increasing each month and my balance is going up. I assume the minimum payments are not covering the interest - is this the case with Barclaycard? I thought I would at least be chipping away at the balance albeit very slowly.
Can anyone advise?
Thanks
post the actual facts for 2/3 consecutive statements0
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