can somebody help me (maths genius preferebly)

loopyjuice_2

Hello all, can someone help me work out my overall apr on a 33 grand credit card debt

i have (approx, can't bear to work out final total)


2200 cap one at 3.9% life of balance
3400 mint 7.9% lob
10300 barclaycard 6.9% lob
4500 alliance and leicester 1.9% till january
1700 tesco 7.9% lob
2400 citi bank 0% till august 2008
9700 hsbc (5700 at 14.9% and 4000 at 7.9% for 5 more months)

i have tried to get all the interest rates quite low but can't work out the average apr over all cards, can anyone help?

loopyjuice_2

albertross wrote: »

A ........ B ....... C
2200*1.039=A1*B1
3400*1.079=A2*B2
10300*1.069=and so on
4500*1.019=
1700*1.079=
2400*1=
5700*1.149=
4000*1.079=



then divide the totals in column c by totals of col a, subtract 1, mult by 100, format the cell as a percentage

7.1643% assuming the 1.9% is annual not monthly

wow, thanks for that, it went above my pretty little head (if only) but that ain't too bad, the 1.9% was for 6 months and ends in january.

I don't have a mortgage, i own my house outright, but this amount of debt is quite daunting even at the low percentage rate overall.

I am paying about 800 a month in credit card payments and around 190 is interest, it could be worse but i begrudge every penny. Time to start selling things off i think, i must admit i've been a fool :mad:

loopyjuice_2

albertross wrote: »

if you put it into spreadsheet, it should make more sense.

col a is amount of debt
col b is 1+(apr/100)
col c is col a multiplied by col b (which is debt + ann interest)

so debt + interest divided by debt = interest rate multiplier

If it isn't obvious, pay min payments on everything, and throw any extra money at the highest apr's, currently hsbc to clear it asap.

yes, i'm paying the minimum on the life of balances and saving up seperately to pay off the alliance and leicester card which will go from 1.9% to 24.9% in january (£100 a month interest lol), what a mess eh? ahh well.