Eek!

FranknFurter

Im totally at a loss here.... can anyone help......

I have a barclaycard credit card.....
my credit limit is E4,800......

the interest on barclaycard is 13.9%

does this mean, now that i have reached my credit limit,... that over E550 or thereabouts will be added to that bill of E4800?!

any1 any good at understanding this stuff??

:eek:

Nuttzz

yep, but that would be if you didnt pay it for a full year,

With CC my personal rule is that your limit should be not more than 25% of your post tax monthly wage, that way you can keep your spending in check.

Time to take the scissors to the card now frank...

FranknFurter

so would that 13.9% be added now or after a year of being with them?
i do pay the minimum payment each month

Meh

FranknFurter wrote:

so would that 13.9% be added now or after a year of being with them?

It's usually compounded daily, so every day you will be charged 13.9% / 365 = 0.038% of your outstanding balance. Just under €2 daily on a balance of €4800.

You will still be charged interest on your balance even if you're below your credit limit.

FranknFurter

Oh thank you all so much, my minds much more at easy now, €2 a day I can just about handle. lol

Had a blonde moment there for a sec (yes, we guys have them too).
I was worried I was gonna get a single bill for 4800 + 13.9%, which is somwhere about 5,200 or somthing I think lol

Least if that 500+ is added over a year, I can deal with that lol
I recently left my job, (long story, left for another then new company went ker-plunk, upshot me jobless), being a wheelchair user puts limits on my job oppertunities like transport, possibility of working from home-office etc, and a bill of over 5000 right now would see me sitting in the corner sucking my thumb, chanting "theyre all after me, yes they are" over and over lol

Thanks again, nearly lost my mind for a minute there lol ;0)

B

narommy

I had written a note about measures you should take to improve your situation but I deleted it.

First i would like to know how you got up to your limit so fast or have you been paying interest all along.

FranknFurter

narommy wrote:

First i would like to know how you got up to your limit so fast or have you been paying interest all along.

Well, I left my job to go to another company, that company folded, an i basically have spent the last 6 months looking for another, you may think thats a long time, but, I use a wheelchair, and im kinda limited to finding a job in my local area, or finding a company whos clever enough to see the benefits involved in letting me work (even partially) from home.

Anyways, I was left in a position, that I either go begging or use the "emergency credit card" to pay bills and food (no luxury's).

So yeah, now Im *still* trying deaperately to find *any* job, and still in ever increasing debt lol, aint life grand?

narommy

Yeah life is shlt.

Given your situation my advice would have been crap. I thought that there musta been some unusual circumstances.

Over six months you must have incurred interest already on purchases over two months.

Afaik they calculate the interest on a per item basis as well. ie if you buy something for €2000 and you pay off €1999 on time they still charge interest on the whole amount. :mad:

Can't help with the job hunting

Nuttzz

surf the debt, move to a different credit card company they will charge you 0% on balance transfers for 6 months, better than nothing

narommy

Nuttzz wrote:

surf the debt, move to a different credit card company they will charge you 0% on balance transfers for 6 months, better than nothing

That's what i was planning on suggesting (amongst other things) but I don't know if that is practical if somebody is out of work?