Hello October! The autumn leaves are falling and the darker evenings are fast approaching. The rule of thumb is normally to wait until after Halloween before mentioning the “C” word but for those enthusiasts who want to get the shopping in early, you might want to think again before using that shiny and oh-so-appealing plastic card.
According to the latest statistics released by the Bank of Ireland, almost 1.5 million people in Ireland are actively using their credit cards. Half of those credit card users are only repaying the minimum amount each month. With some of the rates the credit card companies charge, it would take up to 20 years to pay off the credit card debt if only making minimum repayments. 20 years! And you could end up paying back thousands more than the balance on your card!
So check your credit card statement. Most statements have a box that tells you when you will make your final payment if you continue to just pay the minimum payment each month. Trust us, it’s scary!
Never fear though the CU is here We’ve listed below an example of how long a credit card bill would take to pay off making the minimum monthly payment vs a loan from us. So, if you’ve already used your credit card, you can switch your loan to us and pay it off years earlier, or if you don’t have a credit card and need some extra money for the festive season, our rates are generally much lower than your credit card, and we offer flexible payment options too!