Hi all,
Been using this site for a long time and now I need some good advice from you all.
Situation - Got a baby due in 4 months and just moved into a new house. Girlfriend has moved in and we are trying to get our finances in order so that when the baby comes our payments on loans etc are managable. I have sorted everything out and all bills etc can be covered and the mortgage etc.
Now here is the problem - My Girlfriend has a 2,300 balance on a HSBC Mastercard that she no longer uses. Today she is being charged 23.9% APR with it rising to 25.9% next month. Per month she is being charged,
12.19 at 2.073% per month on (Cash)
29.18 at 1.809% per month on (Purchases)
It equates to 41.37 and the card has a minimum payment each month of 57.73. That would mean 16.36 is going against the actual cost each month thus it would take nearly 15 years to clear!
What would you all suggest I/We do to deal with the situation? Financially we can afford the 50 per month but I hate the fact its 80% interest.
Thanks in advance
Been using this site for a long time and now I need some good advice from you all.
Situation - Got a baby due in 4 months and just moved into a new house. Girlfriend has moved in and we are trying to get our finances in order so that when the baby comes our payments on loans etc are managable. I have sorted everything out and all bills etc can be covered and the mortgage etc.
Now here is the problem - My Girlfriend has a 2,300 balance on a HSBC Mastercard that she no longer uses. Today she is being charged 23.9% APR with it rising to 25.9% next month. Per month she is being charged,
12.19 at 2.073% per month on (Cash)
29.18 at 1.809% per month on (Purchases)
It equates to 41.37 and the card has a minimum payment each month of 57.73. That would mean 16.36 is going against the actual cost each month thus it would take nearly 15 years to clear!
What would you all suggest I/We do to deal with the situation? Financially we can afford the 50 per month but I hate the fact its 80% interest.
Thanks in advance
