hes spent over 130 pounds already.. tryed working it out myself but really rubbish at math.
2006-11-08 06:34:22 · 15 answers · asked by lonely as a cloud 6 in Business & Finance ➔ Credit
It will cost him nothing... if he pays off the whole amount when the bill comes.
If he dont then it will cost an arm and a leg because you will pay interest on the interest. No one can work it out because it depends how much you pay off each month and on what day.
Do him a favour. Get the scissors and cut it up. Pay the bill in full.
Sleep easy.
2006-11-08 06:57:05 · answer #1 · answered by ? 5 · 3⤊ 0⤋
Did you really mean 39.9% APR - That's attrocious as most cards are around 12-16%. What he needs to go is get a new card which has introductory offer for balance transfers and transfer the outstanding amount to that card. He'll have to pay a fee (usually 3%) but it won't be anywhere near the amount he'll have to pay at 39.9%.
2006-11-08 06:38:21 · answer #2 · answered by mark 7 · 1⤊ 0⤋
You need a lot more information to answer that question properly. How much can you put on it each month? What is percentage of the balance used to determine the minimum monthly payment. ARE you only going to pay the minimum each month? LOTS of things that need to be taken into account.
Ok, so bottom line... If he STOPPED now at 130, at 39.9%, he's have to pay about 13.5 per month to pay it off in one year.
AND you should give him a good wallop upside the back of the head for getting a line of credit at such a ridiculous percentage rate!!!
2006-11-08 06:47:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This basicaly means for every £100 pounds you owe on your credit card you will have to pay a £39.90 interest for every year the money is owed.
Different credit card companies work out monthly interest in different ways.
39.9% is a stupidly high rate. This is very bad. If you must have one make sure its less than 15%.
I strongly recomend never getting a credit card as it will ruin your life paying off money you have already spent in later life. Very Bad :( .
2006-11-08 06:42:48 · answer #4 · answered by siylc 2 · 2⤊ 0⤋
If he doesn't pay it back before the interest free period runs out (usually 30 days from last bill) then they'll charge about 3.3% every month - that means u pay interest on interest too! That's a dreadful rate. The most I've every heard of before is 29.9% and that's a store card not a credit card!
2006-11-08 06:44:12 · answer #5 · answered by Gina7 1 · 0⤊ 0⤋
39.9 christ that credit card company saw you coming.........average intrest rates are about 16.5....if you pay off the whole £130 within a month there will be no intrest charges at all
2006-11-08 08:06:41 · answer #6 · answered by jeff c 3 · 1⤊ 0⤋
honey you need to transfer that over to another credit card! 39.9% is OUTRAGEOUS!!! The highest mine ever had was 22% and that was on a stupid store cc.
2006-11-08 07:35:31 · answer #7 · answered by ? 6 · 1⤊ 0⤋
Figure $40 for every $100 he charges on it. I have never heared of such an outragious interest rate!
2006-11-08 06:38:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You've been done girl, what card have you got with Apr that high! cut it up.
2006-11-08 06:42:39 · answer #9 · answered by chutney 4 · 0⤊ 0⤋
you should get a loan to pay off that extreme debt/interest . then litigate yur ex for the half of it
2006-11-08 06:43:19 · answer #10 · answered by pahump1@verizon.net 4 · 0⤊ 0⤋