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
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
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
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
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