Store card debts can last for 15 years or more if you choose to make the minimum monthly repayment. The minimum monthly repayment combined with high interest rates – up to 30% - can make even a small debt last a lifetime. Not only will it last a generation to pay off your debt, you will also have paid more interest than the amount you borrowed. Monyfacts has calculated that a store card debt of £1,000 with minimum monthly repayment would take 16 years to pay off and you will have paid £1,213.10 in interest.
Kit Van Wesepoel
(Link: http://www.independent.co.uk/money/loans-credit/store-cards-the-debt-that-can-last-a-generation-944677.html)
1 opmerking:
Great story, fine coherence. OK!
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