‘PAYING just one pound more per week above the minimum credit card repayment will bring “financial freedom” almost 14 years earlier, according to a new study.
Millions of UK borrowers could slash the amount of interest they have to repay and reduce the time taken to pay back the debt by 13 and a half years just by paying an extra pound a week on top of their minimum monthly credit card repayment, typically 2-3 per cent of the outstanding balance.
That would cut £1,247 in interest off the average credit card balance of £3,138, uSwitch.com found, based on a typical annual interest rate of 15.1 per cent.’
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