Balance Cleared?

Geordie_John

Hi everyone,

Hope you're all well.

I have contacted Egg to aske when my balance will be cleared, but they claim that they cannot tell me. My current balance is £4573 at an APR of 24.9%

Is there anyway I can work out when I will have this paid off, based on paying £140 per month?

Thanks
John

knowledgeman

Maybe in 30 years or so

Geordie_John

Seriously???

YorkshireBoy

Roughly November 2011.

Month........Open bal.......interest......payment.......close bal
Sep-07.......4,573.00........85.52.........140..............4,518.52
Oct-07.......4,518.52........84.50.........140..............4,463.02
.
.
.
.
.
.
Oct-11.........263.86...........4.93........140................128.79
Nov-11.........128.79 (final payment)

Interest is calculated daily and charged monthly on the outstanding amount. Monthly interest (at 24.9% APR) is roughly 1.87%.

EG, Sept = £4,573.00 + (£4573.00 x 1.87%) - 140 = £4,518.52

Geordie_John

Wow thankyou so much for the info Yorkshireboy.

I know 2011 is a long way off, but it helps to have a rough end date in sight

5limJim

Thats working on the assumption that you don't spend another penny on the card as well...

Follow this boards main piece of advice which is throw every spare penny you can at the debt (if its the one you're paying the most interest on)... Then that date will be even closer

Geordie_John

Nope, after the turmoil I've had over teh last three years Im never touching the credit cards again!

YorkshireBoy

The above was done on a spreadsheet, but there are some calculators at www.whatsthecost.com that you may find useful.

riad_2

24% APR is a tremendous amount of interest! Best solution is you want to forget all about it is for you would to do a Balance Transfer to a good "Life of Balance" card (look on moneysupermarket.com), transfer the whole lot over, set up your direct debit and then forget about it.. you'll definately save SOO much more money in the long run!!

Geordie_John

I've tried to transfer the balance, but I cant because of my poor credit rating. I realise the interest is high but Im kinda stuck! Any suggestions?