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Apr?
avoniel
Posts: 583 Forumite
in Credit cards
Not sure if this is the right forum but need help for my friend.
She currently has a credit card debt of £5000. and although she has destroyed it she can only afford to pay off £350 pm. She is paying interest of over £30 pm. Credit card bill is showing monthly interest rate of 0.64% but I dont know how to convert it to APR.
Can anyone advise me what APR rate would be and I can then use Martin's guides to help her find cheaper.
Many thanks
She currently has a credit card debt of £5000. and although she has destroyed it she can only afford to pay off £350 pm. She is paying interest of over £30 pm. Credit card bill is showing monthly interest rate of 0.64% but I dont know how to convert it to APR.
Can anyone advise me what APR rate would be and I can then use Martin's guides to help her find cheaper.
Many thanks
0
Comments
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I just usually times it by 12 so its roughly 7.9% APR. Not too bad of a rate really. There are cheaper ones, like 5.9% lob but make sure your friend doesnt pay too much of a fee - I.E more than 2%. It sounds like your friend has really got him/hrself on the right track to clearin g that off! That will be gone in two years at that rate.Halifax CC [STRIKE]£1322.88[/STRIKE] £0 :j 11.9% Virgin CC [STRIKE]£1534.76[/STRIKE] £1384.76 0% until AUG 13. Grant over payment [STRIKE]£166.66[/STRIKE] £0 :j DFD 31 JUL 13 #102 :beer:
Weight[STRIKE] 164lbs[/STRIKE] :mad: 05 May 164lbs
Target 146lbs by 30 JUN 13
Happiness is a way of life not a destination.:j0 -
Bump - sorry but we really need help0
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The APR is 7.96% APR. I wrote this calculator to allow people to convert from monthly to APR and vice-versa.Bump - sorry but we really need help
Clariman
(Disclaimer: I have a connection with the above site. Martin Lewis/MSE supports our Stoozing site but has no involvemenet/sponsorship with makesenseof cards.)Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0 -
I'm with youknowwho and Clariman on this...I do the same with the rate....it's probably a touch more complicated as interest is done a daily basis but there are plenty of people who'd be happy 7.9% as a long-term rate...if that's what they've got...
what do you need help with?For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 20070 -
Hi Bismarck,I'm with youknowwho and Clariman on this...I do the same with the rate....it's probably a touch more complicated as interest is done a daily basis but there are plenty of people who'd be happy 7.9% as a long-term rate...if that's what they've got...
The calculator actually does the proper maths to convert a monthly rate into an APR figure - it doesn't just multiply it by 12.
e.g. 0.64 x 12 is 7.68, but the real APR is actually a couple of points higher at 7.96%.
ClarimanAuthor of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0
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