Money Saving March: Increase Credit Card Payments

Recent research has suggested that by paying just £1 extra per week (ie £4 per month) above the minimum monthly repayment on your credit card, you could save more than £1200 on the overall amount you have to pay back, as well as cutting the time it takes to repay your debt.

The figures above are based on the estimated 3.4 million credit card holders who only make the minimum repayment on their cards each month. A minimum repayment of 2% on the average balance of £3,138 is assumed, at an average rate of interest of 15.1%.

So paying just a small amount extra on your credit card repayments can make a big difference to your debt.

This post forms part of the Money Saving March series.

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