I have a 25% apr
2007-08-25 15:11:36 · 12 answers · asked by corsby 1212 1 in Business & Finance ➔ Personal Finance
Good God man, get rid of that credit card, get a consolidation loan from a bank and pay that off and cut it up, I don't know what your minimum payment would be, but it will take you about 15 years to pay it off if you don't charge anymore on it....######
2007-08-25 15:18:03 · answer #1 · answered by ? 5 · 0⤊ 2⤋
You are normally required to make the minimum payment of the interest rate. In your case $120.00. Some credit card agreements require a basic minimum payment of a certain amount and you would have to read your contract to get that info. Remember, if you just make the interest payment and don't charge another thing on the card you'll be a very long time paying the card off and you'll be giving the credit card company a whole lot of your hard earned money that they don't deserve. Get a loan with a smaller interest rate and pay the card off or get another card with a smaller interest rate and use it to pay this one off. What ever you do get a lower APR. Lending you $3000.00 doesn't entitle anyone to such a high usury.
2007-08-25 15:31:46 · answer #2 · answered by iuud2noitall 3 · 0⤊ 0⤋
Not enough to get it paid without going into more debt!If the apr is 25%, it would be so much better for you to pay that balance off rather than paying a min. The last thing you want is to be trying to pay off your card for a who knows how long! The best thing that you could do is, at the least, pat more than the minimum (I pay at least 25% depending on the balance) that way I can pay it off in only 4 payments. Or, I just pay it off completely. My creditors love me!
2007-08-25 15:23:47 · answer #3 · answered by Button 3 · 1⤊ 0⤋
Check your monthly statement. I think the new USA law has taken effect which would require at least 75 to 100 dollars minimum.
At $100 per month it will take you over 4 years to payoff.
Why don't you play with the website below. If you can add $25 a month, you can pay it off a year earlier at that interest rate.
I agree with the others, see if you can move it to a better interest rate or move the loan to a credit union.
2007-08-25 15:27:21 · answer #4 · answered by Jeff H 5 · 0⤊ 0⤋
The minimum payment is usually about 4% of the new balance. 25% APR? You've been screwed.
2007-08-25 15:20:13 · answer #5 · answered by Anonymous · 1⤊ 0⤋
About $75. And if you only make minimum payments, it'll take you 570 months to pay it off, with an additional $13,400 in interest.
Get yourself a lower interest card! And make more than the minimum payment.
2007-08-25 15:17:24 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Whatever the required minimum might be, you should pay more. Most minimum payments barely cover the monthly interest. It could take 20+ years to pay that off at the minimum.
Cut back on your spending and pay that card off.
2007-08-25 15:16:46 · answer #7 · answered by bdancer222 7 · 0⤊ 0⤋
I think it's somewhere around a 100? I mean mine is 2500 and I pay 68 and I think it's about the same apr give or take.
2007-08-25 15:15:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
no longer a smart thought. First the mastercard employer can cancel the 0% at each time. 2d that's merely too tempting to spend that additional funds else the place. monetary employer interest is so low you will gather some funds. At merely paying the minimum will pull down your credit. Please re-examine this.
2017-01-05 09:20:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋
hmmmmmmmmm
refinance that
its something like $75 to maintain it in your life and not pay it off I think
2007-08-25 15:14:33 · answer #10 · answered by Anonymous · 0⤊ 0⤋