2006-07-04 03:52:26 · 11 answers · asked by JANE m 5 in Business & Finance ➔ Credit
It depends on the interest rate, but it will be many years and it will cost you a hell of a lot more than £1000. Usually, a credit card is a very expensive way to borrow money, you're better off with a loan.
Have a look at these calculators, they are very useful and will show you exactly how much you will pay in interest and how long the debt will take to pay off
http://www.oft.gov.uk/Consumer/Money/Calculator.htm
http://www.fool.com/ccc/debt/debt.htm
Also, this site has some very good financial advice, including the best loans, credit cards. It also contains good tips for saving money in every day life.
http://www.fool.co.uk/
Hope this helps
2006-07-04 04:07:19 · answer #1 · answered by sally r 2 · 0⤊ 0⤋
3 years and £1800
annual fees : £300 (3 X £100)
annual interests (if 20%) : £600 (3 X £200)
Debt £1000 (1 X £1000)
TOTAL £1800
minimum payment (if 5%:£50 X 12months X 3 years) : £ 1800
3 years X 600 = £1800
2006-07-04 05:17:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the Interest rate and minimum payment percentage.
Best advice is to try and move the debt on an interest free offer, so that your payments have more effect on the original debt.
2006-07-04 08:10:56 · answer #3 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
between 2-3 years depending on the rate of interest, supposedly interest rates are going up, it's a good time not to rely on credit. check the interest rate and use a calculator, it's the most expensive way of borrowing money, cheaper to get a bank loan, especially for a car.
2006-07-10 13:59:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The interest rate would determine that. Do a search on amortization schedule, plug in the debt and the interest rate, and you'll get the term.
2006-07-10 04:15:40 · answer #5 · answered by ginabgood1 5 · 0⤊ 0⤋
If you let me know what minimum repayment you have to make and the card interest rate, I could do the calculation for you. It is not too difficult.
.Alternatively, you can go to the bank which issued the card and ask them to tell you.
2006-07-04 04:21:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on the interest rate, but the odds are it will take about five years (or more)and you will pay about double what you owe.....
2006-07-04 03:57:50 · answer #7 · answered by Klaatu Barada Nikto 3 · 0⤊ 0⤋
alot of people here don't understand GBP. They might not know what you're talking about.
2006-07-04 03:55:39 · answer #8 · answered by Chatty 5 · 0⤊ 0⤋
Try: http://www.whitegob.com
2006-07-11 02:40:18 · answer #9 · answered by toothwhitening4allDOTcom 2 · 0⤊ 0⤋
forever and shitloads
2006-07-04 10:25:35 · answer #10 · answered by bacon69s 1 · 0⤊ 0⤋