Today's Math Problem?

Blackbeard_of_Perranporth

If you only pay the minimum on your credit card and the rate is over 17%. If your balance is £1,000, how close to bankruptcy are you?

Grumpy_chap

All depends on what other assets, liabilities and income you have.

born_again

Blackbeard_of_Perranporth said:

If you only pay the minimum on your credit card and the rate is over 17%. If your balance is £1,000, how close to bankruptcy are you?

Not enough info to even hazard a guess.

bigadaj

A mile and a half.

surreysaver

Dunno, but if you stick a 's' on the end of 'math', then tell us how much the minimum payment is (or the percentage), then we may be able to hazard a guess.

eskbanker

Blackbeard_of_Perranporth said:

If you only pay the minimum on your credit card and the rate is over 17%. If your balance is £1,000, how close to bankruptcy are you?

Sounds like the questioning style of the interviewer in this thread: https://forums.moneysavingexpert.com/discussion/6188495/useless-ifa-on-bbc-3-counties-radio-translation-please-12-3k-cgt-allowance-wrapper/p1

dggar

Blackbeard_of_Perranporth said:

If you only pay the minimum on your credit card and the rate is over 17%. If your balance is £1,000, how close to bankruptcy are you?

Isn't the perceived wisdom that if you only ever pay the minimum each month you will never clear the credit card debt. 
how close you are to bankruptcy will depend on what other debts you have.

Grumpy_chap

If your credit card rate is as low as 17% you are probably in an ok place financially and far from bankruptcy

Shakin_Steve

The answer is 42

Black_Cat2

Shakin_Steve said:

The answer is 42

Lol showing your age there! 😁

getmore4less

Where is the maths problem?

You have asked a question that is not a maths problem.

It could be a maths problem with more information on the minimum payment.

But that still won't answer the question asked.