Hi,
I have a credit card with an outstanding balance of £2908.82 the minimum payment which i made was £67.01 and they charged me £68.27 in interest, so effectively I payed my minimum payment and my balance still went up by £2, so the balance now is £2910.08
If I pay £1000 of this card, meaning that obviously the balance will around £2000 when you take this months minimum payment and interest into account, what do you think the minimum monthly payment and interest will be. Ideally i would like to pay this lump sum, leaving me with a lower monthly payment and interest, so that they money im saving from that, can go towards paying off the balance.
I hope this makes sense and I hope someone can give me some advice
Thanks
Jess
I have a credit card with an outstanding balance of £2908.82 the minimum payment which i made was £67.01 and they charged me £68.27 in interest, so effectively I payed my minimum payment and my balance still went up by £2, so the balance now is £2910.08
If I pay £1000 of this card, meaning that obviously the balance will around £2000 when you take this months minimum payment and interest into account, what do you think the minimum monthly payment and interest will be. Ideally i would like to pay this lump sum, leaving me with a lower monthly payment and interest, so that they money im saving from that, can go towards paying off the balance.
I hope this makes sense and I hope someone can give me some advice
Thanks
Jess