Nearly one in 10 credit card customers pay off only the minimum payment each month, potentially costing them a fortune in interest, according to a survey from comparison website Moneysupermarket.com.
If the survey results were replicated across the population, it would mean that up to three million adults simply pay the minimum monthly credit card payment.
It would take someone paying the monthly minimum on £1,000 borrowed at 18.13 per cent APR 17 years to repay their debt. The amount of interest they would pay is £1,113, meaning they end up paying back more than double the original sum borrowed.
“Our research reveals credit cards are still playing an important role in the nation’s finances, but in the current climate, it’s more important than ever for consumers to understand the cheapest way to borrow on their cards and avoid getting stung by high interest rates,” said Kevin Mountford from Moneysupermarket.com.
“Credit cards are not designed for long-term lending and anyone with an outstanding balance on their card should consider switching to a product offering 0 per cent interest on balance transfers.”
The Moneysupermarket.com research also found that the average length of time debt was left on a credit card is 21 months. –http://www.independent.co.uk/money/loans-credit/thousands-wasted-on-credit-card-minimums-2102462.html
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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