Are you credit card aware? MoneySaving Poll Results

Souk
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.