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The seven deadly sins of credit card companies

The seven deadly credit sins

 

© Bananastock
© Bananastock


It is estimated that consumers with debt of as little as £5000 on their credit cards could spend a lengthy 98 years repaying the debt due to the minimum repayment changes if they only ever make the minimum repayment each month.  Consequently many consumers are heading for a lifetime of debt.

Using MyDebtCruncher, you can FACE your debt, FIX your debt and FINISH your debt.  Examples of how this would work is below:
 

  Making a minimum payment: Making a fixed-amount payment:
Credit card debt: £5000 £5000
APR 23.56% 23.56%
Minimum payment £112.50 (first month) £120.00 (fixed)
Interest charged £18,247.80 £4197.78
Total amount owed £23,247.80 £9197.78
Time to clear debt 62 years 4 months 6 years 6 months

By paying a small amount more each month, you are reducing your debt by 55yrs and 8 months!

Of course this will only work if you do not use your credit card during the repayment process - adding additional debt while paying a fixed payment could mean your fixed rate is not enough to cover the minimum payment at all.




  
  

Women in Focus Editor
04/26/2010
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