Results for: Interest

Barclaycard customers who only make minimum payments could face significantly longer debts and higher interest costs following a change in the minimum repayment requirements. From July 22, Barclaycard will reduce minimum monthly payment requirements for some customers. According to MoneySavingExpert.com, someone with £1,000 of Barclaycard debt could now take almost 20 years to clear their debt and pay over £1,600 in interest, compared to 9 years and 8 months and £699 in interest under the previous system.

Barclaycard is set to make significant changes to its credit card repayment structure and APR rates. Martin Lewis, founder of MoneySavingExpert.com, has issued a warning to customers, highlighting the potential risks of paying only the minimum required amount. The new structure will essentially mean that many customers could end up paying far more over time as they will be clearing their balance more slowly, meaning more interest is being added.

This YouTube channel calculates the true cost to own any vehicle. This includes the purchase price, insurance, gasoline, maintenance, and interest. The channel is still small, but it’s dedicated to providing this information for any vehicle. For example, the Chevrolet Tahoe Z71 has an MSRP of $68,295. With taxes and fees, the total cost to get the keys is about $76,000. A 10 percent downpayment would be $7,600, and with 8.0 percent interest over 72 months, the monthly payment is about $1,200. Over six years, the interest will add up to about $18,000. Then, if you add in about $175 a month for insurance, between $250 and $275 a month for gas and a $75-ish monthly maintenance budget, the monthly cost to own is a little more than $1,700. To afford that Z71, you would need to make more than $137,000 annually. Over the course of the 72 month loan, you would end up paying more than $131,000 for the privilege of driving that $68,000 Tahoe.