credit card repayments!!!

paulq182

Hi everyone, if my interest on my Halifax credit card is 27.45% and my balance is 1,500, how much should I pay back a month? Thanks in advance

grumbler

Does your statement not show the monthly rate and the minimum payment?

A Summary Box for some random Halifax card (check for yours, it has to be the same):

Minimum repayment
An amount equal to the total of interest, default charges and 1% of the balance shown in your statement (minimum £5, or the full balance if less than £5).

And this is the minimum payment, not what you should pay. It's wiser to pay more:

• Minimum Repayments

molerat

Min payment will be around £50. As to how much you should pay back - £1500

Calculator here can show how little you need to overpay to reduce the time taken to clear the debt http://www.thisismoney.co.uk/money/cardsloans/article-1633399/Calculator-Credit-card-repayment-reality-check.html

£50 pm = 52 months, £70 pm = 30 months