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credit card payment method help needed
kandkt
Posts: 13 Forumite
in Credit cards
decided to take the bull by the horns and pay off my creditcard £7200
ive been paying the minimum now at £140 pcm.
the bank have ok'd a loan over 5 years which will cost me an extra £2000
at approx £200 per month however on my wage i could feasibly increase my credit card payment upto £250 per month if this would cost me less can someone give me an idea of the cheaper/better option out of the two i've been looking for a card calculator which would let me input a fixed sum but havent been able to find one. i have a poor credit rating so card swapping isnt an option i really want to know how long it would take and how much it would cost if i just increased my monthly credit card payment or if anyone knows of a calculator which would allow me to input a fixed ammount.
any help would be greatly appreciated.
ive been paying the minimum now at £140 pcm.
the bank have ok'd a loan over 5 years which will cost me an extra £2000
at approx £200 per month however on my wage i could feasibly increase my credit card payment upto £250 per month if this would cost me less can someone give me an idea of the cheaper/better option out of the two i've been looking for a card calculator which would let me input a fixed sum but havent been able to find one. i have a poor credit rating so card swapping isnt an option i really want to know how long it would take and how much it would cost if i just increased my monthly credit card payment or if anyone knows of a calculator which would allow me to input a fixed ammount.
any help would be greatly appreciated.
0
Comments
-
What is the APR on the card and on the loan you have been offered?
In theory your idea of paying the card off is a good one because otherwise it might have taken you 35 years or so to repay just by making minimum payments!0 -
hiya sorry dont know what the apr is, minimum payment is 2% or £5.00 (higher of the two) balance is £7196 current payment is about £144 //1.167% for purchases and 2.075% for cash.
meeting my account manager tomorrow so need to make a decision soon cheers.0 -
You need to find out before the meeting.
Google for apr tables - should give you a pretty good idea.0
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