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 Credit Card - minimum payment |
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 19/07/2012, 09:50 AM
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#1
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Posts: 3,618
Joined: 19-September 06
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The new disclosures required on credit card statements are mind-boggling.
The statement I got today shows a minimum payment required of $204. If I pay the minimum payments it will take: 101 years & 11 months to pay off the balance! I think I will be dead by then  I think it is time they increased the minimum payments required! (FTR: I am especially pleased I pay my balance off in full every month). |
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19/07/2012, 09:54 AM
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#2
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Posts: 16,877
Joined: 20-August 06
From: EdgeOfReason
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Interesting. Mine is for 32yrs 1m at minimum payment
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19/07/2012, 09:55 AM
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#3
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Posts: 13,679
Joined: 30-November 01
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How do you come up with that length of time? Even allowing for interest that can't be right...unless you have a massive amount on your CC? Does the bank give you that length of time?
There's nothing new in giving you the monthly minimum repayment on your statement though is there? Mine has always had that. This post has been edited by Jemstar: 19/07/2012, 09:55 AM |
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19/07/2012, 09:58 AM
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#4
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Posts: 3,940
Joined: 22-April 06
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| Alex, Breastfed for 18 months and 4 days :) | |
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Mine is 9yrs 1 month and I will pay $1874.31 in interest.
I pay mine in full each month. This post has been edited by Mummy2RyanandAlex: 19/07/2012, 10:00 AM |
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19/07/2012, 09:59 AM
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#5
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Posts: 16
Joined: 13-July 12
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Wow! What pecentage are the minimum payments? (we don't have credit cards)
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19/07/2012, 10:05 AM
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#6
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Posts: 3,618
Joined: 19-September 06
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Based on the statement the minimum payment must be 2%/month: $204/$10206.82.
This month's bill is always a big one for me due to end of financial year stuff. I am still surprised at the time though! |
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19/07/2012, 10:07 AM
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#7
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Posts: 13,679
Joined: 30-November 01
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Yeah, the time just seems... wrong.
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19/07/2012, 11:28 AM
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#8
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Posts: 3,618
Joined: 19-September 06
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Hmm - I got DH to check with his financial calculator and he came up with 114 months. So about 90 years sooner!
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19/07/2012, 11:50 AM
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#9
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Posts: 1,320
Joined: 10-January 08
From: Melbourne
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| haras1972 | |
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Yep I work at a bank and just spent the two months testing and implementing this change... Scary numbers...
Op your DH financial calculator is wrong - the bank is correct.. Check out www.foxsymes.com.au/calculators/credit-card-repayments-calculator as an example... |
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19/07/2012, 11:56 AM
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#10
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Posts: 485
Joined: 12-May 12
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There's nothing new in giving you the monthly minimum repayment on your statement though is there? Mine has always had that.
[/quote] No. but under new responsible lending laws they disclose the time it would take you to pay off under minimum repayments. |
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