Are you credit card aware? Poll discussion

Former_MSE_Lawrence

Poll started 23 Oct 07 - 30 Oct 07. Are you credit card aware? RESULTS

What would your estimate of the answer be? If you had £5,000 debt on a high street credit card (e.g. Lloyds TSB Classic) at 19.9% APR and only made the minimum monthly repayments (2% of the outstanding balance or £5 - whichever is higher) how long would it take to clear the debt?

While the Minimum Repayments Calculator will work it out for you, please just make your best guess without help (and then you can check the answer after).

A. Less than a year. 0% (6 votes)
B. 1 to 2 years. 0% (14 votes)
C. 2 to 4 years. 1% (61 votes)
D. 4 to 8 years. 7% (368 votes)
E. 9 to 15 years. 13% (673 votes)
F. 15 to 30 years. 20% (1058 votes)
G. 30 to 60 years. 23% (1194 votes)
H. 60 to 100 years. 14% (749 votes) - the correct answer is 60 years and 3 months so just fits into this category (although if you said G (30-60) you weren't far off).
I. More than that. 21% (1116 votes)

Voting has now ended, but you can still click reply to discuss below. Thanks to everybody that had their say.

pknottm

MSE_Lawrence wrote: »

(2% of the outstanding balance or £5 - whichever is lower)

Shouldn't this read "whichever is higher", otherwise the minimum amount to be paid will be £5, which is a lot lower then the 2% of the outstanding balance!! (and the debt will therefore increase every month!!)