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Pink Laydee
Pink Laydee asked in Business & FinanceCredit · 10 years ago

Interest rate on credit card help!?

Please can anyone help me to understand what i'm paying on my credit card? I have 2 credit cards i'm trying to pay off i have £2800 with interest rate 14% and the other i have £3000 with 24% interest rate. How much will i need to pay each card each month paying minimum payment?

Thanks

2 Answers

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  • falsi fiable
    Lv 7
    10 years ago
    Favorite Answer

    Most credit cards have a minimum payment equal to 2% or 3% of your outstanding balance. That means 56 GBP or 84 GBP on the first card and 60 GBP or 90 GPB on the second. If you read your monthly statement, this will be clearly spelled out. Or is this a homework assignment?

  • Go with the flow
    Lv 7
    10 years ago

    If you are trying to pay them off, you need to pay more than the minimum.

    Read your own question - that is what you asked

    Pay the minimum on the 14% card

    And attack the other card aggressively until you get a statement that shows $0

    Do not close the acocunt - just let it sit open

    Then... attack the other card and pay that off aggressively

    Don't worry about how long it will take - just do your best

    Stop using the cards today

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