Are you credit card aware?
Poll started 23 Oct 07. If you had £5,000 debt on a high street credit card (e.g. Lloyds TSB Classic) at 19.9% APR and only made the minimum monthly repayments (2% of the outstanding balance or £5 - whichever is higher) how long would it take to clear the debt? Please just try and estimate the answer don't start getting a spreadsheet out. Then check the answer after voting on the Minimum Repayments Calculator.
Poll started 23 Oct 07.
If you had £5,000 debt on a high street credit card (e.g. Lloyds TSB Classic) at 19.9% APR and only made the minimum monthly repayments (2% of the outstanding balance or £5 - whichever is higher) how long would it take to clear the debt?
Please just try and estimate the answer don't start getting a spreadsheet out.
Then check the answer after voting on the Minimum Repayments Calculator.
Results
| A. Less than a year. | 6 votes (0 %) | |
| B. 1 to 2 years. | 14 votes (0 %) | |
| C. 2 to 4 years. |  |
61 votes (1 %) |
| D. 4 to 8 years. | |
368 votes (7 %) |
| E. 9 to 15 years. | |
673 votes (13 %) |
| F. 15 to 30 years. | |
1,058 votes (20 %) |
| G. 30 to 60 years. | |
1,194 votes (23 %) |
| H. 60 to 100 years. | |
749 votes (14 %) |
| I. More than that. | |
1,116 votes (21 %) |
5,239 votes received.
We try to use technology to limit voting to one per person. Occasionally, this may erroneously block a few people's votes (eg, from shared offices). Apologies for that.
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