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97 Years To Clear A Credit Card Debt!
If you have amassed debts on credit cards and store cards, you could be in for a nasty surprise when you finally discover just how long it will take to finally clear your debts. Most credit card companies charge just enough on the monthly repayment to cover their interest charges for that month. Only a fraction of the original amount borrowed is paid off thus ensuring that you continue paying the interest for a very long time. I recently saw on a statement a £5,848 pound balance was incurring a monthly payment of £120.64. The interest charged for the month was £115.64. This meant that just £5 was being put towards clearing the debt. At that rate, it would take 97 years to pay off the credit card debt, assuming that no other cash was borrowed. The majority of credit cards currently have an APR in excess of 16%. Store cards can be as high as 29%. If you have any of these, you would be well advised to consider refinancing all your credit card and store card debt into one cheap loan with one low monthly repayment. Not only will you save oodles of money on interest, but you wont run the risk of missing any of your monthly repayments, and you will pay back the loan in a pre-determined time, say 5, 7 or 10 years or whatever term you choose to take the loan over. Debt consolidation loans do work. They can save you lots of money and increase your monthly disposable income. Its a lot easier than asking for a payrise, and you won’t have the debt for the rest of your life!
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This intel was contributed by spike
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May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
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January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
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