Advice needed on Argos Card

kingnothing

Ok, so my girlfriend got an Argos card and we're struggling to pay back what we owe so if anyone can help us figure this out we'd really appreciate it. On our letter it says we have a credit limit of £1000.00 but our current balance is £1238.75. I paid the minimum payment for January which was £61.73 but the minimum payment for February is £74.59. On the statement it says the current APR on purchases is 29.9% and Interest is charged at 29.9% per annum. The items we purchased on the card were on a buy now pay later plan. I have to be honest and say I'm not sure how these payments are calculated and I'm a little confused as to why the balance is going up instead of down each month. We're going to struggle if it keeps going up and up so if anyone could give advice on how we can pay this off we'd truly be thankful.

Cheers.

Time_to_face_the_music

kingnothing wrote: »

Ok, so my girlfriend got an Argos card and we're struggling to pay back what we owe so if anyone can help us figure this out we'd really appreciate it. On our letter it says we have a credit limit of £1000.00 but our current balance is £1238.75. I paid the minimum payment for January which was £61.73 but the minimum payment for February is £74.59. On the statement it says the current APR on purchases is 29.9% and Interest is charged at 29.9% per annum. The items we purchased on the card were on a buy now pay later plan. I have to be honest and say I'm not sure how these payments are calculated and I'm a little confused as to why the balance is going up instead of down each month. We're going to struggle if it keeps going up and up so if anyone could give advice on how we can pay this off we'd truly be thankful.

Cheers.

Are they charging you fees for being over the limit? What was the interest shown on the February statement?

If you have other debts this may be difficult but you really need to pay more than the minimum payment each month.

You could try and put it in the debt snowball calculator at:

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

and see what it comes up with.

TTFTM x

kingnothing

Time_to_face_the_music wrote: »

Are they charging you fees for being over the limit? What was the interest shown on the February statement?

TTFTM x

Thanks, I think they are charging fees for being over the limit. On the December statement it says "estimated interest next month £26.82"

On the January statement it says "estimated interest next month £27.42"

Confused :-/