Moneynet in The Press
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borrowers get precious little help from their flexible friends
Published: 01/02/2009 |
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The Observer (Business and Media) – 1st February 2009 For anyone thinking of adding to their existing loan and credit card debts to help make ends meet in the short term now would be the time to reconsider. Credit Card and loan companies are upping their interest rates, making it more expensive to borrow from them. If you have £2,000 outstanding on a card at 17.9% APR, for example, and just pay the 3% minimum each month, it would take 17 years to clear the debt and cost you £1,768 in interest charges. But if you pay an extra £20 a month, the debt will be cleared in just under five years and you’ll save £1,046 in interest, according to calculations from Moneynet.co.uk. |
