Borrowing isn’t necessarily a bad thing, it’s the repayments! When you’re struggling to keep up, lenders may charge you even more, plunging you into deeper trouble. Some would say that those that need money least are able to access it whilst those in need struggle to do so.
Fortunately, you don’t have to suffer punishing rates forever if you are smart. Move your debts, avoid penalties and get the best repayment terms. Use our calculator to be sure you get the best deal!
Credit card calculator with interest
To use the calculator, simply enter the amount owed, the interest rate, and the minimum monthly amount you need (or want) to repay. Then at FreePriceCompare you can see the options for changing your current lender for a better offer.
Repayment on credit cards
It is vital to know what a loan really costs you. APR stands for Annual Percentage Rate and can vary a lot, but unlike the monthly rates some lenders quote, APR is adjusted for hidden costs so is a better way to compare one lender with another.
Lenders also offer incentives to get your business. Often you don’t have to pay for several weeks. However, after the honeymoon, high rates can make it a bad deal. Watch out for that, and consider moving again.
Debt on credit cards
It is always better to pay off a loan as quickly as you can. When lenders ask for a small minimum repayment it is because they know you will never clear the debt at that rate. As a result, they can charge interest over a longer term.
Turn the tables! Come back often to find better rates and fresh introductory offers. Then you can use what you save to pay off the capital faster. That’s good news for you and bad news for expensive lenders!